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Construction News
04/06/2008
Persimmon Announces Job Cuts
A Yorkshire-based housebuilder has announced it will be making a number of redundancies as a result of the persistent problems with the housing market.
A spokesman for Persimmon said that although no offices would be closing, "several hundred" staff would be made redundant as the credit crunch continues.
A 30-day consultation process has begun in each of Persimmon's regional businesses which would look for ways of reduce the number. It has been reported the proposed cuts would represent about 3% of the 5,500 strong workplace, and the first job losses will take place in July. However, the building company has denied these reports.
The company's spokesman said: "The consultation is across all the different regions and the expectation is that there will be several hundred cuts as a result."
He added that although they would not be closing any of the regional offices, the cuts would take place across all regions.
"The intention is to reduce the workforce in the light of the challenging market conditions and the reduced demand caused by people’s inability to get access to mortgages."
Yesterday shares of the company - which is divided into three divisions, of northern, central and southern - dropped 3% to 467.25p.
Recently rival housebuilding companies Taylor Wimpey, Bellway and Crest Nicholson announced job cuts as the credit crunch continues to put further pressure on the construction sector.
(JM)
A spokesman for Persimmon said that although no offices would be closing, "several hundred" staff would be made redundant as the credit crunch continues.
A 30-day consultation process has begun in each of Persimmon's regional businesses which would look for ways of reduce the number. It has been reported the proposed cuts would represent about 3% of the 5,500 strong workplace, and the first job losses will take place in July. However, the building company has denied these reports.
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The company's spokesman said: "The consultation is across all the different regions and the expectation is that there will be several hundred cuts as a result."
He added that although they would not be closing any of the regional offices, the cuts would take place across all regions.
"The intention is to reduce the workforce in the light of the challenging market conditions and the reduced demand caused by people’s inability to get access to mortgages."
Yesterday shares of the company - which is divided into three divisions, of northern, central and southern - dropped 3% to 467.25p.
Recently rival housebuilding companies Taylor Wimpey, Bellway and Crest Nicholson announced job cuts as the credit crunch continues to put further pressure on the construction sector.
(JM)
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