Housebuilder Vistry to cut jobs after acquisition of Galliford Try’s homes unit
UK housebuilder Vistry warned it will cut more jobs as it continues to consolidate operations following Bovis Homes’ acquisition of and Galliford Try’s residential business.
The firm, which was called Bovis until the merger last year, said a consultation on reducing its employee headcount was ongoing, and it expected the cuts to result in annual savings of £9.5m.
Vistry also said its performance during lockdown had been better than initially expected.
Construction has resumed at 119 of its 172 housebuilding sites and sales offices have reopened following the government’s decision to relax some coronavirus lockdown rules.
Over the last eight weeks the company has taken 447 gross private reservations, resulting in 300 reservations after cancellations have been taken into account.
The rate of sales has been improving, it said, and pricing over the last eight weeks has been in line with the firm’s forecasts.
During lockdown the company has exchanged on 310 homes and legally completed a total of 257 private sales.
Chief executive Greg Fitzgerald said: “In these unprecedented times, the Group’s performance during lockdown has been better than initially expected in respect of reservations, completions and cash management.
“We are pleased by how effectively our site management and health and safety teams have adapted to the new operating procedures.
“As a result, we currently have more than 5,600 operatives working safely across our developments and expect productivity to continue to increase.
“The continued strength of Vistry Partnerships throughout the past two months has proven our rationale for the acquisition, which has given us a highly resilient business underpinned by significant demand for affordable homes.”