Fri 4 Jul 2008
Barratt cuts staff by 1,000
Barratt Homes is culling 15% of its 6,500 workforce in making 1,000 employees redundant.The troubled firm is set to close two of its 32 divisions and merge eight, as it struggles to emerge from its huge debts, which total £1.8 billion. Barratt has seen its share price fall by 84% in the last two months to 42p.
“The company is managing its overheads in light of the changing market conditions,” said a company spokesman. “The steps we are taking today reflect the further potential for efficiency gains. The changes will be made after a process of consultation and done on a division by division basis.”
The firm follows Taylor Wimpey’s lead in its staff cuts – the UK’s biggest housebuilder on paper announced its intentions to axe 900 employees yesterday.
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