Vistry back to 70% production capacity

Aaron Morby 5 years ago
Share

Developer and housing partnerships group Vistry is returning to housing production faster than first expected.

Fitzgerald says business is recovering faster that first anticipated but warns jobs cuts loom as part of Galliford Try and Bovis Homes integration
Fitzgerald says business is recovering faster that first anticipated but warns jobs cuts loom as part of Galliford Try and Bovis Homes integration

This morning the firm reported that interest from housing associations and investors continues to be strong, and demand from private buyers is improving steadily.

The firm is now back to over 70% production capacity at all its 73 partnerships business sites and has returned to operation on 119 out of a total 172 private sale building developments.

But it warned that restructuring jobs cuts loomed for the business as it had taken advantage of the lockdown period to accelerate the integration of Galliford Try’s former housing business with Bovis Homes.

The anticipated headcount reductions will deliver annual savings of around £9.5m, it said this morning.

Greg Fitzgerald, chief executive said: “In these unprecedented times, the group’s performance during lockdown has been better than initially expected in respect of reservations, completions and cash management. 

“We are pleased by how effectively our site management and health and safety teams have adapted to the new operating procedures. 

“As a result, we currently have more than 5,600 operatives working safely across our developments and expect productivity to continue to increase.

“The continued strength of Vistry Partnerships throughout the past two months has proven our rationale for the acquisition, which has given us a highly resilient business underpinned by significant demand for affordable homes.”

At the private housing business virtual tours for buyers kept sales ticking through during lockdown.

Over the past eight weeks, Vistry reported it had taken 447 gross private reservations, resulting in 300 reservations net of cancellations.

This rate of sales has been steadily improving, with a sales rate of 0.26 over the past three weeks and pricing broadly in-line with forecasts.

Vistry said it had a strong forward sales position, with house building reservations – including Vistry Partnerships development activity – totalling £1.5bn.

Latest news

Three Keltbray managers took £600,000 in bribes

Site managers convicted for taking kickbacks from labour supply specialist
6 hours ago

Bidding starts for £1bn YORcivil major works deal

Eight firms face fight to renew places on big civils framework
6 hours ago

ECF clinches deal for Hull 850-home urban village

East Bank waterside village plan advances
20 hours ago

Maintenance firm Cardo in second Scottish acquisition

North Lanarkshire property maintenance firm Rodgers & Johnston bought
6 hours ago

Kier confirms £41m Salford Uni health building job

Work starts on specialist three storey teaching building
7 hours ago

Passenger train derailed after hitting track left by Colas workers

Contractor and Network Rail asked to make improvements after accident
19 hours ago

Bryson signs £6m safety products deal with Skanska

Safety specialist becomes sole supplier to contracting giant
18 hours ago

Murphy wins £120m St Fergus gas compressor project

Three low emission compressor units to be installed for National Gas
16 hours ago

Blenheim House payout hopes fade as claims hit £33m

Suggested 10p in the £1 payout for subcontractors now unlikely
1 day ago

£1.3bn decarbonising and fire safety deals out for bid

South East Consortium starts hunt for firms for housing upgrade work prize
1 day ago

£30m turnover M&E contractor files administration notice

TNA Electrical makes administration application
1 day ago

Plan for first big offices at £1.7bn Manchester innovation hub

500,000 sq ft of offices planned at renamed Sister development
1 day ago

Murphy starts work on £2.5bn Eastern Green Link 1

Giant subsea electricity cable project will take three years to build
1 day ago

Subcontractors wanted for work across Birmingham

Latest Constructionline event: Register now
1 day ago

Acheson Construction files administration notice

£53m turnover South West contractor lodges court notice
2 days ago

Hunt for 10 firms to deliver £37bn new hospital plan

Race starts for mega-framework with pledge to spread work among all firms
2 days ago

Springfield to build homes for army of green energy workers

Scottish house builder sells 2,480 plots to Barratt Redrow in strategy switch
2 days ago

Preferred bidder for Stoke city centre scheme

Genr8 Kajima to build Etruscan Square scheme in Hanley
2 days ago

BAM go-ahead for £56m Glasgow leisure centre

Work to start on East Renfrewshire complex later this year
2 days ago

Network Rail fined £3.75m after double track worker death

Michael Lewis and Gareth Delbridge were killed while working on rail line in Wales
5 days ago

Local contractor Castle lands £60m South Shields campus

Work to start this summer on new home for South Tyneside College and South Shields Marine School
5 days ago

GRAHAM wins £100m deal after safety regulator approval

Dyecoats scheme in Leeds becomes one of first to receive Building Safety Act Gateway 2 green light
6 days ago

London Super Sewer now fully connected

10-year construction programme draws to a close
5 days ago

McLaren signs off £125m London Bank over-station job

Developer Helical secures funding deal for 8-storey office job
5 days ago

Work on Labour’s new towns to start by 2029

More than 100 sites put forward for a dozen new town locations
6 days ago

Unite hails 12 years without a site accident at Battersea

More than 4,000 union members have worked on the redevelopment without a single serious accident
5 days ago

Housing orders surge offers hope after 5.2% new work fall last year

Housing orders surged 24% in final quarter of 2024 as developers release schemes
6 days ago

McLaren Property gets new Construction Director

Jon Mangham joins from Equans
6 days ago

BAM Construction suffers £40m loss after Co-op Live setback

Civils business profit surges 24% to £80m
6 days ago

Over 150 jobs axed as J S Wright goes under

Insolvency specialist FRP Advisory goes in at Birmingham M&E specialist
6 days ago

Contractor services