好色先生TV

Vistry is to lay off around 100 staff as it seeks to find savings following its 拢1.1bn merger last month with rival Countryside, the firm鈥檚 new chief operating officer has revealed.

Earl Sibley told 好色先生TV鈥檚 sister title Housing Today that the 拢2.4bn turnover firm had estimated that around 4% of the combined business鈥檚 5,000 staff - approximately 200 people - would be put on notice of redundancy as part of the integration process of the two firms, though the ultimate figure to leave the firm will be lower. A spokesperson for Vistry later clarified that around 100 people or fewer are ultimately expected to depart the business.

The redundancies come as Vistry management looks to deliver the 拢50m in annual 鈥渟ynergy鈥� savings promised when the deal was announced back in September.

Sibley said: 鈥淭he track record of integration of businesses from this management team is very strong if you look at what happened with Bovis and Linden and Galliford Try in the creation of Vistry 鈥� it was very successful. We鈥檙e looking at a 拢50m annual run rate of synergies.鈥�

He said the need to make the 鈥渞estructuring and redundancies鈥� was his only concern about the deal, given the impact on staff. This was because 鈥渢he labour market now is not as strong as it was when we announced the merger. We鈥檙e in a more uncertain period [for the industry].鈥�

He added: 鈥淲e said we鈥檙e looking at [redundancy consultation for] around 4% of our 5,000-strong workforce, a couple of hundred people. It might end up a slightly lower number [to leave the business].鈥�

The news comes as rival developers Telford Homes and Watkin Jones have recently revealed that they are cutting jobs in the light of the difficult economic environment.

>> See also Top 50 Housebuilders 2022: Full Tables

>> See also Top 50 Housebuilders 2022: In depth analysis

The Vistry announcement is not understood to be a response to the market, with Vistry鈥檚 large partnerships business 鈥� hugely expanded with the purchase of Countryside 鈥� insulating it against the drop in private reservations seen across the industry since October in the wake of the previous month鈥檚 mini-Budget from former chancellor Kwasi Kwarteng.

Vistry鈥檚 partnerships chief executive Stephen Teagle said last month the firm is looking to 鈥渁mplify鈥� its growth plans post-merger, with annual compound growth of around 12% expected despite the grim economic predictions. The division has been rebranded post-merger as Countryside Partnerships.

Vistry was this week revealed to have risen to 5^th in the Top 50 Housebuilders tables, compiled on separate accounts filed prior to the merger being completed. The firms would together have a proforma combined turnover of 拢3.7bn, producing around 14,000 homes per annum.

Sibley said he was 鈥渃autiously optimistic鈥� for the housing market next year, given the 鈥渟tability鈥� coming back into the mortgage market in recent weeks, and that Vistry had not dropped private sale prices.

鈥淓mployment is still good, some people are getting good pay rises, while [the] renting [market] is bonkers in many parts of the country, and the undersupply of housing gets worse by the year,鈥� he added.