Bellway struggles to spend recladding cash

Grant Prior 2 years ago
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Bellway has set aside another £20.3m to cover post-Grenfell recladding and other fire remediation works on its buildings.

But the house builder said it is struggling to find suitable materials and specialist contractors for the work.

Bellway said it has set aside a total of £131.6m for fire safety work since 2017 but £91.6m of the provision relating to 24 developments remains unutilised.

It said: “Obtaining a supply of suitable replacement materials, and appropriately skilled remediation experts, proves to be an enduring challenge. 

“As a result, while a prudent approach has been taken, there continues to be inevitable labour constraints and upward pressure on costs as we work with third parties to establish fully costed remediation solutions on the 24 developments. 

Bellway is actively pursuing recoveries from previous suppliers, subcontractors and professional advisors where they have fallen short of the standards required.”

The details came as Bellway confirmed record house completions in its latest results for the half year to January 31 2021.

Revenue was up to £1,720.5m from £1,541.4m last time generating pre-tax profits of £280.2m from £291.8m as home completions hit 5,656 from 5,321.

 

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