Wed 18 Jun 2008
Subcontractors set to suffer payment delays
Taylor Wimpey has hit the headlines yet again for how it is treating its subcontractors.Just months after the UK’s biggest housebuilder announced that it planned to reduce the amount that it pays both suppliers and contractors by five per cent, the firm has been accused of delaying payments in a bid to strengthen its financial situation.
The company, which reported a pre-tax loss of £19.5m in 2007, against profits of £405.6m a year earlier, is keen to improve its cash position ahead of its results at the beginning of July.
As a result, it is believed that Taylor Wimpey is hoping to delay payments owed to subcontractors until after this date.
The news comes less than a month after the firm announced closure of 13 of its offices – resulting in ten per cent of its workforce being made redundant.
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