Rupert Nabarro is retiring from his position as chairman of the Investment Property Databank.
Nabarro founded IPD in 1985, which started with three members of staff and now has 250 employees.
IPD Group was sold to global equity firm MSCI in 2012 for £78m. When the deal to sell IPD was completed, the annual turnover of the company was £38m and it generated a £4m profit. Since then, it is understood that profits have decreased despite investment into areas such as IT and sales staff.
Following the deal with MSCI around 15 IPD staff were put on consultation in a move to cut costs as well as an attempt to rebalance the business following role duplication.
Managing director Laurent Ternisien left the business after 23 years, and co-founders Nabarro and Ian Cullen acted as consultants for the business on an ad hoc basis.
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