Kier has announced “significant interest” in its housebuilding business, in a trading update.
The contracting giant revealed its intention to sell off Kier Living in June this year, as part of a major restructuring, which will see Kier focus on core areas of regional building, infrastructure, utilities and highways.
Kier will also exit the property, facilities management and environmental services markets. Around 1,200 jobs are expected to be lost, to deliver annual cost savings of around £55m under chief executive Andrew Davies’s restructuring plan, as the business aims to reduce debt and secure better long-term revenue. As at 30 June 2019, the group’s net debt was £167m.
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