Following EYE breaking the news of the unexpected departure of Vic Darvey in March, Purplebricks has recently been forced to delay the appointment of its replacement CEO, Helena Marston.
The reason given was that due diligence checks had yet to be completed – but until now the underlying issue has not been revealed.
It has now been reported by The Telegraph that the checks center on Marston, who has until now been Purplebricks’ chief operating officer, having had a previous personal bankruptcy that was not revealed to Purplebricks’ shareholders when her appointment to the role was announced to the markets on March 10th.
The Telegraph says that Mrs Marston was declared bankrupt under her maiden name of Epplestone in September 2014. That bankruptcy was subsequently discharged.
The Telegraph claims that sources said there was an internal discussion about whether it should also be revealed to investors in the stock market notice on March 10th that announced her appointment. It says that the details were included in a draft version of this announcement but then removed.
Purplebricks is reported as saying: “Further to the announcement on 10 March 2022 relating to the appointment of Helena Marston as chief executive officer of the company, the company announces that due diligence checks required by the Aim rules are ongoing and therefore Helena’s appointment remains subject to completion of these checks.
“A further announcement will be made as soon as possible.”
Marston joined Purplebricks in May 2020 as Chief People Officer and took over the role of Chief Operating Officer at the end of 2021, having held several senior HR roles at Virgin Media, Kuwait Energy, Jaguar Land Rover and Vodafone.
Comments (20)
I too do not care. I just find it all very, very, very deeply funny. As I do every JanByers comment.
“The Telegraph claims that sources said there was an internal discussion about whether it should also be revealed to investors”
Purplebricks weighing up whether or not to be honest with their investors, I wonder how that conversation panned out!
Is this another case of PB failing due care and diligence in its operations … They have a pretty long list of failings. You would think their investors would wake up to the animal they are in bed with.
In the past month the share price has been anywhere from 14.14p – 27.3p.
If like some, you got your timing correct you would now be in the money.
In July 2021, the share price was 498.5p.
In the past five years the share price has fallen 91.79%.
This was, IMO, an over-hyped stock, and a lot of people have had their fingers badly burnt.
The main shareholders have taken their money and gone. A new CEO with little or no property experience reminds me of Countrywide.
Poor idea, poorly executed.
Personally I think these shares are best left alone.
Issue here could be that this lady may believe she is right for the job but that doesn’t make her right for it -it’s the decision maker on this position here who either gets it right or wrong-who ultimately makes that decision ?
Does an HR background and no EA or Lettings experience not matter if you are to drive dramatic and cultural change in a property company ?
It feels a poor option to me as a shareholder and a quick knee jerk appointment -the only reason could be as a caretaker position with there being a plan for the future as to this companies ownership
More questions than answers here
If an aircraft loses its fin and rudder and one of the flight crew or passengers believes they can get the plane safely on the ground it doesn’t matter what they have or haven’t done in the past let them have a go
If Helena Marston wants the job and believes she has what’s needed that is more qualification than an unblemished financial history. The experience of bankruptcy is, in itself, a domain knowledge not everyone can bring to the table.
I wonder if this is down to someone else thinking they want the job and are better qualified or more deserving. If that’s the case let those blocking the appointment have a go. I can think of a couple of people who will ‘Please miss, Me Miss, Over here Miss’ that particular job
I agree 100%
Firstly I welcome anyone to be on the plane when an unqualified flight steward or passenger takes over the controls and tries to land. Yep I’m sure they think they know what to do, simple turn the stick one way or another and all the passenger will be confident they know what they are doing …. really! Probably like a bankruptcy …. with a big bang.
A history of Bankruptcy is not something to be taken lightly, in fact in many positions you are banned goods. Is it not material information for an investor to know the credibility of someone who is steering their investment? It doesn’t matter who the company is and ‘past performance is not necessarily a guarantee on future performance’ (where do we see that statement!) but it is also true in reverse and is a heads up of potential investment risk.
Surely it was known before her appointment as COO. Critical info!
Abraham Lincoln was a bankrupt so was Walt Disney Cyndi Lauper Lady Gaga Will Smith
They did ok since
Will Smith is perhaps not the best example.
Would have thought being experienced with bankruptcy would be a massive reason that Purplebricks would want to employ her
Maybe they have decided she is overqualified for the role.
Jesus wept – who cares about PB
the investors, staff, customers and service suppliers; everyone who has a stake in Purplebricks
I have no stake in PB.
I look after my own business I could not care less what any other business does.
Yet constantly want to tell people how disinterested you are……
because the so many seem to be obsessed by PB rather than just get on running their own company
I have never ever commented on PB – its failings – business model – staff – future – past – never will
I an not interested enough to keep in spying out of my window at my neighbours
Well that’s not true is it. You’ve commented on the prospective CEO below.
You are interested enough to keep posting and revisiting a thread you profess to have no interest in.
The crucial point here is whether she disclosed the previous bankruptcy prior to appointment or whether it has been flagged as part of the due diligence. If it’s the former, perhaps everyone deserves the benefit of doubt, but if it’s the latter and she has been pulled up on it, that really does not bode well for a CEO. Another day another drama at PB!!