International Property News

Taylor Wimpey to close 13 offices

20th May 2008

Building firm Taylor Wimpey plans to close 13 offices across the UK, a move the firm expects to cost 600 jobs.

The offices are in different parts of the UK and the 600 posts represent more than 10% of its 4,700 UK workforce.

Staff learned of the closures by e-mail on Monday. The closures are set to be completed by the end of September.

The firm said it was acting now to end "uncertainty" for staff. The move comes amid signs of a housing slowdown that has affected the building sector.

Chief executive Peter Redfern said: "Our experience in the US and historically in the UK is that when housing markets slow, those that react most quickly and decisively become stronger businesses, and provide the most secure and positive environment for their continuing staff."

The latest move comes after the firm saw a significant writedown on assets in Spain and the US wipe out profits for 2007 .

The firm reported a pre-tax loss of �19.5m in 2007, against profits of �405.6m a year earlier.

Source: BBC News