Kier Living chief exits as share price tumbles below £1

Aaron Morby 1 year ago
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Kier Living executive director John Anderson has suddenly left the crisis-hit group as it tries to find a buyer for the housing business.

It emerged that Anderson had left as shares continued to slide this week to new depths.

He had been with Kier for over nine years and would be a key figure in the sell-off of Kier Living which built 2,042 homes last year.

Nick Moore who was managing director of the Eastern part of the business has taken over as managing director for the whole of Living.

On Monday the shares, which were trading at around £10.00 last September, fell below £1, ending at 87.5p at close of trading yesterday, giving Kier a market cap of just £142m.

Kier share price movement since it listed in 1996


One analyst said there were rumours in the city that Kier could be forced to attempt another rights issue to raise cash.

Last month new chief executive Andrew Davies revealed results of his review of the business which again is being been hit by soaring debt levels.

To reduce costs and raise cash, Davies said he would cut 1,200 jobs and sell Kier’s housing division.

Kier also plans to wind down its property business and aimed to exit the Facilities Management and Environmental Services markets “in due course”.

The review is designed to bring down debt levels which have risen again to an average month-end level of £420m-£450m.

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