Vistry slashes forecasts and exits south-east private sales

Summarised from 4 outlets · 5 reports · Updated 25 Sept, 07:38 · Archive

Vistry Group has posted massive losses and plans to withdraw from private home sales in the south-east.

Vistry Group, one of Britain's largest housebuilders, has posted its largest ever loss as it grapples with unsold homes and weak sales. New chief executive Adam Daniels has announced a major restructuring plan that includes withdrawing entirely from private home sales in the south-east and cutting the firm's annual output target from 20,000 homes to 12,000. The company has also slashed profit forecasts and plans job losses as part of its turnaround strategy. Daniels told shareholders that the issues facing the company 'can be fixed' through downsizing operations.

How it is being reported

• Vistry is the laggard in a housebuilding sector full of cracks | Nils PratleyGroup shrinks ambitions from 20,000 to just 12,000 homes a year in an attempt to balance the books The entire housebuilding sector is in a funk, grumbling about energy prices, the cost of labour, regulation, planning delays, taxes and more, but few have messed up a bad hand quite like Vistry. Three years ago this mashup of the Bovis, Linden and Countryside brands aspired to build 20,000 houses a year, and made itself the darling of the incoming Labour government by betting big on “affordable mixed-tenure housing” in partnership with councils, housing associations and institutional landlords.…The Guardian · 24 Sept, 17:19
• Housebuilder Vistry will exit open market in south east and focus on north - as it posts largest ever lossHousebuilder Vistry Group has posted its largest ever loss as the property market grapples with sluggish sales.This is Money · 24 Sept, 16:11
• UK housebuilder Vistry cuts jobs and downsizes following £661m lossThe troubled construction firm will withdraw entirely from private home sales across the South EastThe Independent · 24 Sept, 10:34
• Housebuilder Vistry slashes profit forecasts as losses balloonFirm unveils further cost-cutting plan including job losses blaming poor summer sales of private homes Business live – latest updates Vistry Group, one of Britain’s biggest housebuilders, has slashed its annual profit expectations after half-year losses ballooned as it grappled with a £600m pile of unsold homes. Adam Daniel, the new chief executive of the Bovis Homes and Countryside owner, insisted that “the issues can be fixed”, as he set out a detailed turnaround plan that involves pulling out of private sales in south-east England and slimming operations to turn Vistry into a more…Guardian Business · 24 Sept, 10:00
• Vistry takes £500m hit as new boss downsizes housebuilderVistry has taken a nearly £500m hit to its value, as the beleaguered housebuilder’s new chief executive sets out drastic plans to downsize the firm to ensure its survival. Adam Daniels, the new boss of the FTSE 250 housebuilder, told shareholders on Thursday that his review into the group revealed that its assets were worth [...]City AM · 24 Sept, 07:48

In this story: Vistry Group · Adam Daniels · South East England · Bovis Homes · Countryside

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