The UK’s largest home builder, Barratt Developments, has said it will reimburse any leave money it claims for staff who were unable to work during the foreclosure.
Barratt Developments laid off 6,700 employees and increased their wages, leaving them £ 27 million to reimburse the government.
Builders are now back to work, with the exception of vulnerable staff members who are protecting.
Britain’s largest home builder plans to reimburse the government £ 27 million in reserve money. Pictured: Barratt Developments builder nails tiles on roof of new home
The company cut 6,700 employees, or 85% of its workforce, during the lockout. Pictured: Barratt workers guide bundle of metal reinforcing rods
All of the company’s operational sites had reopened on June 30 after being closed for several months.
Barratt said their finances were sufficient to repay the money, but the foreclosure did not leave them intact.
The number of new homes completed in the year by June 30 fell by almost a third to 12,604, the company said.
Customers have flocked since the reopening of its sales centers, but reservation levels have not yet returned to normal.
Managing Director David Thomas said: “Before the Covid-19 pandemic, the group had a solid year of progress in terms of volume and margin.
The pandemic has caused significant disruption, but our highly qualified and experienced team has shown incredible resilience, flexibility and commitment, both at the height of the crisis and in the careful reopening of our Site (s.
“Now, with our construction sites operational across the UK, we are starting the new year with cautious optimism, supported by our solid forward order book and our well-capitalized balance sheet.”
After the automaker announced its repayment plan, progressive silver stocks rose to 6.2%. In the photo: a worker using a forklift to move construction materials
The shares were up about 6.2% after the announcement on Monday morning.
AJ Bell’s chief investment officer Russ Mold said, “Any kind of optimism is welcome in today’s climate, cautious or not, so the tenor of today’s business update from Barratt Developments has struck a chord with the market.
“This optimism is not based on thin air.
The company has a growing order book, has aroused high interest from customers since the reopening of its sales centers and now has all its operational sites.
“There was bad news to balance the good in Barratt’s statement – inevitably, completions were down over the 12 months to the end of June and the average asking price also fell.
“Dividends remain off the table, but it doesn’t look like the market was expecting something different on this. “