The new owner of online estate agent Purplebricks is considering around 100 job cuts to improve financial performance.
According to Sky News, Strike, a competitor, is finalizing plans to cut around 15 percent of Purplebricks’ 695 employees ahead of the takeover.
Sources said the consultation process initiated after the May deal would conclude next week.
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They expect a total of 100 and 120 jobs to be eliminated.
Despite the UK housing market softening due to Bank of England base rate increases, Purplebricks has performed better than expected since Strike’s purchase.
Previously valued at over £1 billion, the online property group was acquired by Strike for little more than £2 million.
A Purplebricks spokesman said: “This restructuring process will involve certain roles being made redundant as we shift to a scalable, lower-cost operating model following the sale to Strike.
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“However, we have also proposed a significant number of new roles, specifically designed to enhance our specialised workforce focused on delivering an exceptional customer journey.”
He added: “Since the acquisition by Strike, Purplebricks has seen an uptick in weekly instructions and has achieved number one market share nationally for three of the past six weeks.
“This consultation is about ensuring Purplebricks has the right operating model going forward, providing a solid foundation for continued success in the estate agency industry.”
