Job fears for construction giant

3:14pm Thursday 3rd July 2008

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DEVELOPER Taylor Wimpey - which has an office in High Wycombe - has warned of further job losses.

The firm said about 900 jobs would go throughout the UK to save £45m - but would not give further details.

The firm's UK housing office is at Gate House, Turnpike Road. The latest move comes after investors declined to pump in £500m of emergency funding.

Its share value has since halved at a cost of £300m.

The firm said it would close 13 of its 39 offices - not including High Wycombe - in May and predicted 600 job losses.

A statement said: "Most recently, we reviewed our business structure in the UK and will close 13 of our 39 regional offices and reduce staffing levels across the business, with the anticipated loss of approximately 900 jobs.

"We expect this to result in a reduction in overhead costs of approximately £45 million on an annualised basis starting from the fourth quarter of 2008. This is consistent with our view that markets are likely to remain weak for an extended period."

It said: "Our focus remains on cash management, cost reductions and seeking to achieve a stable weekly sales rate."

The statement adds: "The Board remains convinced of the fundamental attractions of the business over the medium and long term. We will continue to evaluate options to secure that value for our shareholders."

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