Housebuilder Vistry to axe jobs after hefty losses

Housebuilder Vistry is set to cut jobs amid plans to save £50 million after slumping to a half-year loss of more than £660 million.

The group’s new boss Adam Daniels has unveiled sweeping changes, including cutting its regional operations from 25 to 12 and leaving the private home sales market in the South East.

The firm says its latest move will see the business become a much smaller but more focused operation, slashing its new home completion target to around 12,000 a year.

The overhaul will lead to further job losses among its workforce of around 4150, as well as site closures.

The Kent-headquartered firm – whose estate portfolio stretches from East Cleveland to Devon – has not revealed how many roles will be affected.

About 350 workers have already left the group since the summer, including some departures under a recent voluntary redundancy programme, which delivered savings of £25 million.

The latest cost-cutting efforts come as Vistry reported pre-tax losses of £661.3 million for the six months to June 30, against profits of £40.9 million a year earlier.

The figures come after the firm took a £475 million write-down and another £73.2 million provision for building safety on high-rise properties in the wake of the Grenfell Tower tragedy.

On an underlying basis, it reported pre-tax losses of £83.3 million against profits of £80.6 million a year earlier.

Vistry’s national office network includes bases in the North East, North West, East and West Midlands, South West, South East and Yorkshire.

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