OnTheMarket has announced it has furloughed 22% of its staff through its “mitigating measures” amid the coronavirus pandemic.
The measures introduced by the property portal includes 32 employees being furloughed, a reduction in its temporary and subcontracted employees as well as pay cuts for its senior management team and its workforce.
As a result, the group has agreed a voluntary waiver of 20% of remuneration for April, May and June by the board, the executive management and the majority of its employees who continue to work remotely.
OnTheMarket said as a result of the “ongoing uncertainty” it is too early to give guidance on the potential impact of Covid-19 on the group in the current financial year to 31 January 2021.
While revenues will be impacted in the short-term, OnTheMarket considers it of “fundamental importance to support agents through this difficult period and the group will conserve cash through the careful management of costs”.
Clive Beattie, acting chief executive officer, said: “Our main concern at this time is for the health and safety of all our colleagues and I would like to thank them for their dedication and professionalism during this time.
“We continue to do all that we can to support our customers, many of whom are also our shareholders, through this period. Agents across the country are reconsidering their portal marketing choices and we continue to engage with agents attracted by our unique agent ownership model and our strategic commitment, as the agents’ portal, to a policy of low, fair pricing, both in the short term and sustainably into the future.”
He added: “The steps we are taking to conserve cash and to assist agents are appropriate to ensure we weather the current crisis and come through ready to provide our customers a market leading, fairly priced portal service.”