BTR specialist had already agreed to spend 拢15m on remediation work

Student housing and build-to-rent developer Watkin Jones nosedived into the red during the first half as the firm said it had set aside a further 拢28m to cover cladding remediation work on its buildings.

The figure is in addition to the 拢15m the company set aside for cladding work in 2020.

Watkin Jones exchange-mp-1

Watkin Jones carried out a review of its buildings and decided to pay out a further 拢28m for cladding repairs

Watkin Jones said it was not asked to sign the government鈥檚 cladding pledge but decided to pay out after reviewing its buildings over 11m tall which it has built in the past 30 years.

In a note accompanying the results, the firm said: 鈥淲e agree that individual leaseholders should not have to pay for the costs associated with necessary life-critical fire safety remediation work. We are mindful of our obligations as a responsible developer.鈥�

In its interim results out this morning, the firm said it racked up a pre-tax loss of 拢16.6m in the six months to March compared to a 拢25.8m profit last time. Revenue was up 8% to 拢193m.

It reported a record pipeline of 拢2bn, up 43% on last year, of which 拢600m had already been forward sold.

The firm also said it will change the corporate and trading name of the business 鈥渢o better reflect today鈥檚 broader business鈥�.

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