Purplebricks chairman Paul Pindar has seen off a challenge from a rebel investor and been given a convincing vote of confidence by shareholders.

Pindar won support from more than 70% of votes at a special general meeting in London.

Adam Smith of Lecram Holdings, with a holding larger than 5%, was able to call the meeting and propose Rightmove co-founder and former Countrywide and Hunters senior Harry Hill as a replacement chairman.

A second motion to appoint Hill as a company director was defeated with 58% against.

In a statement issued after the vote Purplebricks said: The directors acknowledge that whilst both votes were rejected, there was a significant proportion of shareholders that voted in their favour….[The directors] will explain any different action it will take as a result of the vote at its full year results.

Not good enough

Helena Marston, Purplebricks CEO, reacted to the outcome by saying: “I want to reassure all shareholders that we understand their concerns. Our past performance has not been good enough. But we have a new team, with an agreed plan that is being delivered at pace.

“The housing market will be what it will be in 2023”

“The housing market will be what it will be in 2023, but we have a value driven customer proposition, right sized our cost base by £17m, and laid the foundations for a more balanced business with the recent launch of new revenue streams and a plan to grow our lettings business.”

Lecram Holdings says: “Nearly 30% of shareholders that voted, and a majority of independent shareholders not represented on the board, have supported our motion to remove Paul Pindar as chairman.

“We note the company has recognised the level of feeling among investors and it should draw the appropriate conclusion. There is also considerable support for bringing Harry Hill, who is both experienced in the sector and independent, onto the board.”

The company’s recent half-year results revealed a 16% drop in revenue, a 38% fall in gross profits and a rise in operating loss to £11.7 million.