The Aporia · Vistry cutting jobs and more than halving regional network after hefty losses

Vistry cutting jobs and more than halving regional network after hefty losses

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Williams, H. (2026, September 24). Vistry cutting jobs and more than halving regional network after hefty losses. Evening Standard. https://www.standard.co.uk/business/business-news/vistry-grenfell-tower-b1298179.html

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Vistry Group is implementing significant changes to address heavy losses, including reducing its regional operations from 25 to 12 and exiting the private home sales market in the South East of England. Under new CEO Adam Daniels, these measures will result in additional job cuts among Vistry’s workforce of about 4,150 employees, though exact numbers are not disclosed; previously, around 350 workers left voluntarily since summer, saving £25 million. The company reported pre-tax losses of £661.3 million for the first half of 2023, a sharp decline from the previous year’s profit of £40.9 million, partly due to a £475 million write-down and provisions related to building safety issues following the Grenfell Tower tragedy.

Written by AI on 2026-09-24, from this article's own text only (the story summary below draws on all the coverage).

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Story summary

Vistry, one of Britain's largest housebuilders, reported significant pre-tax losses of £661.3 million for the first half of 2023, compared to a profit of £40.9 million a year earlier. The company attributed this decline to a £475 million writedown and a provision of £73.2 million related to building safety after the Grenfell Tower tragedy. In response, Vistry's new CEO Adam Daniels announced restructuring measures that include reducing regional operations from 25 to 12 regions and exiting private home sales in the South East of England. These changes will lead to further job cuts among its workforce of around 4,150, with about 350 workers already leaving since the summer due to a voluntary redundancy program that saved £25 million earlier this year. Vistry also anticipates additional cost savings and has lowered its full-year profit forecast to approximately £165 million from an initial estimate of around £475 million, reflecting ongoing challenges in the UK housing market.

Written for “Vistry Profit Forecasts Cut” on 2026-10-30, grounded in this article and the 1 other(s) covering the same event.

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Who wrote this

Holly Williams

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All 88 articles by Holly Williams →

Claims (8 extracted, 0 hedged)

Vistry cutting jobs and more than halving regional network after hefty losses The group’s new boss Adam Daniels announced sweeping changes to turn around the troubled builder’s fortunes, including cutting its regional operations from 25 to 12 and leaving the private home sales market in the South East. asserted

boss → cut → East

The overhaul will lead to further job losses among its workforce of around 4,150 as well as site closures, but the firm is not revealing how many will be affected. asserted

many → lead → 4,150

Around 350 workers have already left the group since the summer including some departures under a recent voluntary redundancy programme, which delivered savings of £25 million earlier this year. asserted

which → leave → million

The latest cost-cutting efforts come as Vistry reported pre-tax losses of £661.3 million for the six months to June 30, against profits of £40.9 million a year earlier after taking a £475 million write-down and another £73.2 million provision for building safety on high rise properties in the wake of the Grenfell Tower tragedy. asserted

Vistry → cut → tragedy

On an underlying basis, it reported pre-tax losses of £83.3 million against profits of £80.6 million a year earlier. asserted

it → report → million

Vistry gave an alert over its full-year outlook, cutting its guidance to around £165 million from a previous forecast of £200 million, but this is excluding a £40 million hit from delayed deals and some £470 million in write-downs expected at the full-year stage. asserted

this → give → stage

The group looked to reassure that it did not expect to need to launch an investor cash-call and has the support of lenders, who have waived certain banking covenants due to the swingeing overhaul announced. asserted

who → look → overhaul

Mr Daniels said the actions will see the business become much smaller but more focused, slashing its new homes target to around 12,000 completions a year. asserted

business → say → completions

Vistry cutting jobs and more than halving regional network after hefty losses

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Claims (8 extracted, 0 hedged)