Two key directors of hybrid estate agency Yopa have stepped down from its board including founder Daniel Attia and LSL’s CEO Ian Crabb (pictured, above).
Attia has resigned his position as chairman to make way for former Countrywide boss Grenville Turner, who took up the reins of as chairman yesterday.
In a statement from the company released to The Negotiator, its spokesperson said Attia will “remain an active, engaged and supportive shareholder in the company”, suggesting he no longer has a day-to-day or executive role.
Attia founded Yopa with three others in 2015 including James and Andrew Barclay and David Jacobs. But only the Barclay brothers remain on the board along with CEO Ben Poynter and Manuel De Carvalho, CEO of dmg ventures, one of the agency’s key backers.
Attia has been slowly exiting from the business after being replaced as CEO by Poynter in April 2018, but Yopa has not revealed why Crabb has exited the board.
Industry sources have suggested that both their departures may have been the price to pay for Yopa’s most recent cash call, announced yesterday.
As The Negotiator reported, the company raised an additional £16 million from dmg ventures and Savills investment arm Grosvenor Hill Ventures, taking the total invested in the business to over £90 million.
It has also been suggested that Crabb’s departure may signal LSL’s exit from the company in which it has had a significant financial interest.