Vistry planning to cut around 200 jobs

Vistry has reportedly told hundreds of employees they may lose their jobs as the housebuilder cuts costs in the midst of a housing slump.

Source: Sharecast

Bloomberg cited people with knowledge of the plans as saying that Vistry is weighing as many as 19 job cuts in each of its business units, with reductions expected to be in the region of 200.

It was understood the firm has begun redundancy consultations with affected employees in the roughly 5,000-strong workforce.

News of the potential job cuts comes after both Persimmon and Taylor Wimpey warned earlier this week of falling sales this year.

Bloomberg said no final decisions have been made on redundancies at Vistry and it remains unclear how many jobs will ultimately be cut.

Vistry announced in September 2022 that it had agreed to buy Countryside Partnerships for £1.25bn. Although Bloomberg put the 200 job cuts down to cost-cutting amid a slowdown in the housing market, Vistry did say at the time that the merger would involve a restructuring and that "the total number of roles" would be reduced by "approximately 4%".

Vistry declined to comment on the Bloomberg article.

Transferring your account

Transfer your existing ISAs and Share Dealing Accounts and you could save money. In order to transfer, log in to your existing account and complete the online application form. We’ll do the rest for you. It’s free to transfer (we will not charge you). Please check your current provider to see if they have any charges for transferring.

Transfer to us

Vistry Group ( VTY )

Isin: GB0001859296

Exchange: London Stock Exchange

Sell:

1,168.00 p

Buy:

1,174.00 p

Change: 35.00 ( 3.07 %)

Date:

26/04/2024 - 16:40

Prices delayed by at least 15 minutes

Compare our accounts

Whether you're looking for a Share Dealing Account, Stocks and Shares ISA or a Self-Invested Personal Pension (SIPP), we've got an account to suit your needs.

View our accounts

Bank of Scotland is not responsible for the content and accuracy of the Markets News articles. We may not share the views of the author. Understand the risks, please remember the value of your investment can go down as well as up and you may not get back the full amount you invest. We don't provide advice so if you are in any doubt about buying and selling shares or making your own investment decisions we recommend you seek advice from a suitably qualified Financial Advisor. Past performance is not a guide to future performance.

Important legal information

Bank of Scotland Share Dealing Service is operated by Halifax Share Dealing Limited. Halifax Share Dealing Limited. Registered in England and Wales No. 3195646. Registered Office: Trinity Road, Halifax, West Yorkshire HX1 2RG. Authorised and regulated by the Financial Conduct Authority, 12 Endeavour Square, London, E20 1JN under number 183332. A Member of the London Stock Exchange and an HM Revenue & Customs Approved ISA Manager.

The information contained within this website is provided by Allfunds Digital, S.L.U. acting through its business division Digital Look Ltd unless otherwise stated. The information is not intended to be advice or a recommendation to buy, sell or hold any of the shares, companies or investment vehicles mentioned, nor is it information meant to be a research recommendation. This is a solution powered by Allfunds Digital, S.L.U. acting through its business division Digital Look Ltd incorporating their prices, data news, charts, fundamentals and investor tools on this site. Terms and conditions apply. Prices and trades are provided by Allfunds Digital, S.L.U. acting through its business division Digital Look Ltd and are delayed by at least 15 minutes.

Data provided by FE fundinfo. Care has been taken to ensure that the information is correct, but FE fundinfo neither warrants, represents nor guarantees the contents of information, nor does it accept any responsibility for errors, inaccuracies, omissions or any inconsistencies herein. Past performance does not predict future performance, it should not be the main or sole reason for making an investment decision. The value of investments and any income from them can fall as well as rise.