Urban Splash staff await job cut numbers

High profile regeneration developer Urban Splash said the depth and detail of looming job cuts among its 280 staff will be outlined in the next few weeks.

A review and consultation process began formally last Thursday when staff at the Timber Wharf head office were told that the company needed to cut costs to fit the fallen market.

The developer, founded 15 years ago in Liverpool by Tom Bloxham and Jonathan Falkingham, said: "In spite of a buoyant year-end, sales in the first and second quarter continue to disappoint. The company's substantial mixed commercial and residential investment portfolio remains resilient.

"The changes are especially regrettable given the loyal, hardworking family of long-serving staff. The company has held off job cuts as long as possible however it is not alone in facing challenges as a result of wider economic circumstance."

In May, Splash completed a £125m refinancing with HSBC, the Royal Bank of Scotland, both senior lenders, and Co-operative Bank as a junior source. The deal coincided with new share sales to regional managing directors.

Known primarily for residential, half of all Splash space is commercial. The Urban Splash Work portfolio is 925,000 sq ft and worth £150m, more than 90% let and has annual rental income of more than £10m. Construction arm Urban Splash Build has a £100m turnover and has completed £500m of developments with a further £1bn planned.