Friday, February 23, 2024

UK homebuilder Vistry to cut hundreds of jobs – Bloomberg News

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March 3 (Reuters) – British housebuilder Vistry Group has told hundreds of employees they may lose their jobs, Bloomberg News reported on Friday.

Vistry did not immediately respond to a Reuters request for comment. The London-listed company is set to become one of the largest UK housebuilders with its 1.25 billion pound purchase of Countryside last year.

Vistry is weighing as many as 19 job cuts in each of its business units, with around 200 job cuts expected, the report said, citing people with knowledge of the plans.

The firm has begun redundancy consultations with affected employees in its roughly 5,000-strong workforce, the report said quoting the people, who provided the information on the condition of anonymity.

On Thursday, FTSE 100 (.FTSE) UK homebuilder Taylor Wimpey said it was cutting jobs as high mortgage rates dent demand and falling house prices eat into margins, forcing British housebuilders to cut costs in a bid to ride out the downturn.

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Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Saumyadeb Chakrabarty

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