GALLIFORD TRY PUTS 350 CONSTRUCTION JOBS AT RISK
Galliford Try is preparing to swing the axe at the construction division after telling staff yesterday that 350 jobs are at risk.
Galliford Try is counting the cost of undertaking major infrastructure projects in Scotland like the Queensferry Crossing and Aberdeen Bypass
A wave of job cuts is planned in a UK wide restructuring aimed at reducing the size of the construction business.
The Scottish infrastructure division is expected to bear the brunt of the cuts. In a statement the firm said the business was at risk of closure as it aimed to de-risk future activities.
Gallford Try revealed it was reviewing construction operations earlier this month after it was forced to warn group profits would be £30m-£40m below previous forecasts.
It blamed the profit warning on final settlement on the £1.4bn Queensferry Crossing project, which followed heavy losses on the Aberdeen Bypass. It also warned of problems with other construction contracts.
As well as streamlining construction, the review will scrutinise contract positions throughout the construction business and assess operational progress.
The outcome of the review will be reported in a trading update in mid-May.
A spokesman for the firm said: “Galliford Try has been undertaking a review of its construction and investments business with a view to reshaping its operations to become more efficient and increase profitability.
“Today we have announced to our employees the proposals emanating from that review which will involve the proposed closure of parts of the division, with potentially some job losses involved.
“The major part of the proposed reorganisation will potentially see the Infrastructure business unit in Scotland be closed. It is a matter of record that for some time our business has sustained considerable losses on two major infrastructure projects within Scotland.
“We remain fully committed to our existing profitable building operations for Morrison Construction in Scotland, delivering much-needed public facilities together with our partners in the hub vehicles.
“As a business, we are confident that the proposed structure we are looking to put in place will provide us with robust foundations and leave us better suited to face the key markets where our future success lies.”
Original source - Construction Enquirer
YOU'RE REQUIRED: ALAN SUGAR URGES PUBLIC TO GET BACK TO WORK
Business tycoon Lord Alan Sugar today urged Brits to “put on a suit, put on a dress and get back to work” amid rising calls to kickstart the faltering economy. Speaking to LBC radio, Sugar ...
LOCAL LOCKDOWN GRANT SUPPORTS BUSINESSES FORCED TO CLOSE
New grants worth up to £1,500 will be available every three weeks to businesses required to close due to local lockdowns or targeted restrictions. The new grants come as the government ...
CITB TO REMOVE 5,000 SMALLER CONTRACTORS FROM LEVY SYSTEM
Around 5,000 smaller construction companies will not have to pay any levy to the CITB next year. The training body is raising its Small Business Levy Exemption threshold for employers with wage b ...
540 JOBS LOST AFTER NATIONWIDE ACCIDENT REPAIR SERVICES GOES INTO ADMINISTRATION
The repairer was sold to RunMyCar, keeping 80 sites open but resulting in the closure of 30 more. Nationwide Accident Repair Services has collapsed into administration, along with a number of its subs ...
VIRGIN ATLANTIC TO CUT ANOTHER 1,000 JOBS AFTER £1.2BN RESCUE DEAL
Virgin Atlantic is said to be preparing a further 1,000 job cuts, hours after securing approval for a £1.2bn rescue deal. The airline, founded by Sir Richard Branson in 1984, will announce the l ...
SELF EMPLOYED .. WHAT CAN I CLAIM AS EXPENSES?
If you're self-employed, you will have various running costs. Some of these expenses you can deduct on your tax return as allowable expenses. Allowable expenses do not include money taken from your bu ...