Taylor Wimpey axes 900 jobs
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Housebuilder Taylor Wimpey has confirmed it is axing 900 jobs to help cope with a 'significant downturn' in business.
Taylor Wimpey - which was formed from the merger of George Wimpey and Taylor Woodrow last summer - said total housing completions in the first half of this year were around one third lower than for the comparable period in 2007.
The company - which is Britain's biggest housebuilder - said it was closing 13 regional offices and reducing general staffing levels after suffering a 'sharp' decline in reservations since April.
Net reservations for private housing during the six months to June 29 were 45 per cent lower than prior year.
Taylor Wimpey - which is in the process of trying to raise a reported £500 million to help shore up its finances - said it was now concentrating on reducing costs and cutting the prices of built homes to improve cashflow.
The firm said: 'Our major markets are experiencing a significant downturn, characterised by significantly lower weekly sales rates and lower average selling prices than in recent years. We expect that the UK housing market will remain weak at least through 2008 and we do not anticipate any recovery in the short-term.'
Taylor Wimpey also revealed that group finance director Peter Johnson was stepping down at the end of this year.
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