Redrow today joined the housebuilders making job cuts this week with the announcement that two offices including Preston Brook, Runcorn, would be closed.
The Flintshire-based firm is cutting 40% of its workforce, taking the number of staff down to 850. The Basingstoke office will also close.
A sales and administration office based at the large, mixed-use Buckshaw Village joint venture with Barratt in Chorley, Lancashire, will remain open. The office serves half a dozen sites in Lancashire as well as Buckshaw Village.
No numbers of redundancies were given for the Preston Brook office as the company said it was still in a consultation period.
The trading update issued today gave a detailed breakdown of current performance:
- Net reservation levels in the second half of the financial year were 55% below the level achieved last year
- Debt decreased over the last six months and at 30 June was £225m, compared to £238m at the end of 2007
- Cancellation rates in the last six months were just under 30% as compared with 18% in the corresponding period last year
Shares in Redrow rose 13.25p to 109.5p in early morning trading.