Yopa has detailed a restructure of its business after chairman Grenville Turner mysteriously stepped down as a director.
Companies House documents last week showed that Turner, former chief executive of Countrywide, had quit at the end of 2023 while Manuel Lopo de Carvalho was added as a director.
A statement from the online agency brand on Friday revealed a strategic consolidation of Yopa shareholders was carried out in early 2023 that resulted in the company being owned by just two predominant shareholders – the Daily Mail General Trust and Grosvenor Hill Ventures, the investment arm of Savills.
Accordingly, a number of changes occurred including the appointment of Lopo de Carvalho as Yopa chairman from 1 January this year. He has been involved in the Yopa business since DMGT first invested in 2016 and replaces Grenville Turner who becomes a strategic advisor.
Turner joined Yopa five years ago to help the business grow and appoint a new chief executive.
Verona Frankish was appointed as chief executive in early 2022.
She said: “The Yopa business has evolved considerably in recent years in a challenging environment for the fixed fee agency sector. I am proud to have worked alongside Grenville for the past two years and we made a fantastic team, steering the business to the huge success that it is now both in terms of market share and our positive unit economics.
“As we enter the next chapter, I am delighted to be working more closely with Manuel now, a long-time ‘Yopa fan’ whilst also enjoying Grenville’s contributions as an advisor."
Turner added: “Yopa has flourished where many direct competitors sadly have not and I pay tribute to Verona and her team with whom I’ve worked over the last two years to help improve and innovate to the pleasing place that we are now at.
“I now move on to interests elsewhere and remain a part of this fabulous, modern estate agency from the sidelines with the same enthusiasm as five years ago when I started the YOPA journey”.
Lopo de Carvalho said: “Whilst I have been closely involved in YOPA for a number of years I am delighted to be assisting Verona from a now more formal position as Chairperson. I intend to build upon the fantastic work that Grenville has been responsible for and to work with Verona to support her strategic plan for growth which is evidently working exceptionally well.
“2024 looks fabulous for Yopa and our team as we push further for market share dominance and ultimate profitability.”
Yopa's 2022 annual accounts are due to be filed at Companies House but it is understood that these have been delayed due to the restructure.