Home Commercial Property Kier Living sale paused due to pandemic

Kier Living sale paused due to pandemic

by LLP Reporter
2nd Apr 20 3:16 pm

Kier is stopping work on its Kier Living housebuilding sites and pausing the process of selling off the Kier Living business.

The firm says it has implemented a number of measures to enable the group to continue operating as efficiently as possible in the current crisis. “These include about 6,500 employees, including the executive committee and the board, taking a reduction of between 7.5% and 25% in their base salaries or fees for a three month period beginning on April 1, 2020, and bringing forward the closure of our head office at Tempsford Hall to April 30 2020. We recognise that the situation is changing rapidly and will continue to review our plans to mitigate the effects of the pandemic.”

Kier’s cost-saving programme is set to deliver “at least £65 million of savings” for the financial year ending June 30 2021.

Kier said that across its business trading from January 1, 2020, to date has been in line with expectations. “Approximately 80% of our sites or workplaces continue to operate, although we recognise that this may change. We continue to receive support from our major customers, including Highways England, the Ministry of Justice and various utility providers.

“Although COVID-19 has created uncertainty, Kier operates across sectors which are vital to the country. The group maintains the UK’s highways, delivers vital maintenance to peoples’ homes, provides facilities management services to the NHS, builds schools and hospitals, delivers critical national infrastructure and provides key maintenance and repair services to the water, gas, power, telecoms and rail sectors. Many of these services have government support and we retain key worker status for a number of our employees who are carrying out these activities.”

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