Brexit fear: Nested lays off 20% of its workforce

Date-backed real estate agency, Nested, provides cash advance to help prospective buyers purchase a new home before selling their old one. Recently, the company has laid off 20 percent of its employee body.

According to sources, the more than 15 staff being let go were informed most recently. The majority of departures are within Nested’s  operations team, including sales, although I understand they also include a number of engineers and other product people.

Nested co-founder Matt Robinson confirmed the departures, citing the uncertainty of Brexit, and the impact this is having on liquidity in the housing market. It is understood that the layoffs are designed to place Nested in a better financial position and enable it to continue weathering the Brexit storm, and ultimately position the company to reach profitability in the future.

Robinson provided the following statement:

We have come off a record year and quarter but with continued uncertainty around Brexit market volumes have fallen significantly. We will continue to grow share, however, given the external environment we must remain cautious as we build the business for the coming years.

Launched in late 2016, Nested competes with high-end estate agents by providing all of the services needed to sell your house, but with a key difference.

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