Vistry takes £40million profit hit as part of major restructure

Vistry is expecting to take a £40million hit as it embarks on a major restructure to focus solely on affordable housing partnerships.
The housebuilder announced in September that it would be closing the private housebuilding arm of the company as it battled rising interest rates and a continuing slowdown in sales, and now expects to cut around 200 jobs as part of the change in strategy.
Vistry Group strategy turns to Partnerships
Vistry has now adjusted its pre-tax profit target to £450million from £490million and has recently held positive talks with its suppliers in a bid to reduce costs with a 10% pay cut.
A spokesperson for Vistry said: “We appreciate the productive discussions we have had in recent weeks with our key supply chain partners to agree cost reductions for all our existing and future contracts.”
“With a high level of visibility on forward sales, build programmes and revenues in the partnerships model, we can offer greater continuity of work to our suppliers and, working with them, can increase the overall rate of delivery on our sites and supply of much-needed affordable mixed-tenure homes.”
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