UK house builder Barratt Developments have continued yesterdays depressing news from Bovis and Redrow, by announcing the cutting of 1200 jobs within the company.
Barratts who employ 6700 say they are cutting 1200 jobs by closing two divisions of the business and merging other sectors. The business has been hit by a sharp drop in mortgage availability and the wider housing market down turn.
Barratts have renegotiated their bank agreements, with a £400million debt due to be repaid by April 2009, now extended to July 2011.
Chief executive Mark Clare said: “We have now substantially improve our competitive position and are better placed to deal with what will be a very challenging period ahead.”
Job losses in the industry now stand at 6700 during this year.
0 comments so far
There are no comments for this post yet. Why not be the first by filling out the form below.