Vistry Group Voluntary Redundancy Targets Staff Below Managing Director Level
Vistry Group voluntary redundancy has been opened to staff below managing director level as the housebuilder steps up efforts to preserve cash and cut debt. The company has written to eligible workers inviting them to apply for an enhanced voluntary exit scheme.
Adam Daniels and Vistry Group
New chief executive Adam Daniels paused the group’s share buyback programme weeks earlier and warned that first-half profits would be significantly lower than last year. He has also started an operational review of the business, with findings due no later than the interim results on 24 September.
Daniels told staff the scheme was aimed at employees who feel less connected to Vistry’s direction or less certain about their future here. He said it could be “the right outcome for both the individual and the business, while supporting Vistry as we continue to move forward”.
Cash Controls and Debt
Vistry said the move sits within a wider push to generate cash and cut debt. A spokesperson said: “We have made it clear that we are prioritising cash generation and are taking decisive steps to reduce debt levels.”
Last month, the group said it had tightened cash controls, slowed work on some sites to match private sales rates and raised hurdles for land buying. It has also been using discounts and incentives to shift completed and near-complete homes while facing slower private housing demand, rising build costs and pressure on margins.
Vistry Order Book
The company has not specified how many roles are affected. It said the cash-saving actions should cut average net debt sharply in the second half and that the business should have net cash of more than £100m by the end of December.
Vistry’s forward order book stands at £4.5bn, with £2.3bn due for delivery this year. That leaves the company trying to protect cash while keeping enough work moving to deliver homes already on its books.
