Avant Homes is planning a round of redundancies at its regional office, which covers South Yorkshire, Derbyshire, North Nottinghamshire and Lincolnshire.
Avant Homes, which is headed up by former Persimmon chief Jeff Fairburn, was purchased in 2021 when private developer Berkeley DeVeer partnered with fund manager Elliott Advisors to acquire the business.
The most recent accounts reveal the company racked up pre-tax losses of £108.9m from a turnover of £500m for the period to June 30 2023.
The losses were due to a string of exceptional items associated with building safety measures, costing errors on previous developments and finance charges.
A spokesperson for Avant Homes told the press: “We continually review our business structure, systems and processes to ensure we address the current challenges and opportunities presented by UK residential development.
“Through targeted reorganisation, we have identified that some clear regional overlap can be reduced whilst ensuring that our multi-tenure growth strategy can be better supported by a more efficient operational infrastructure.
“Unfortunately, the reorganisation does mean some office-based roles in our Central region will no longer be required.
“We have therefore started a redundancy consultation process with those colleagues who may be impacted by this change and will be providing them with support throughout.”
The spokesperson added: “By maintaining our geographical presence we have the ability to continue further implementing our expansion plans.
“Avant Homes recently expanded its presence by opening a new region in South Wales where we have made significant progress in growing our outlet network to deliver hundreds of new homes.
“We remain active in the land market to acquire new sites for both short term and strategic land to complement our existing strong land bank.
“Our valued customers, suppliers and sites are unaffected by this change and we will continue to deliver on our promise of providing quality homes, for everyone.”
Read the orginal article: https://propertyindustryeye.com/major-property-firm-starts-redundancy-consultation/
