Tue 10 Jun 2008
Barratt shares plunge
Shares in Barratt fell by a further 8.5% this morning, following a 14% drop yesterday, as the downturn in the housebuilding sector continues. Barratt’s drop in share price was the largest on the FTSE 250 yesterday and the greatest so far today, and comes at a time when the company is reported to have debts of around £1.7bn. A number of housebuilders are being forced to reconsider the value of their assets ahead of their half-year reports, which is expected to culminate in large write-downs.
Mark Clare (pictured), chief executive of Barratt, is thought to have lost close to £600,000 personally since December when he purchased shares in the company at 441p. They stood at just 110.50p moments ago.
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