Barratt jobs face axe

Updated 14.43 Thu Jul 03 2008

Keywords: Barratt Developments, slowdown, jobs, axe

Around 1,000 jobs at Barratt Developments are under threat due to the housing market slowdown.

The firm is in consultation with employees over the cutbacks among the group's 6,700 staff under an overhaul of the business which will see regional offices in Chester and Sheffield closed.

Barratt has been under pressure since the takeover of rival Wilson Bowden last year at the top of the market.

The announcement comes a day after rival Taylor Wimpey announced plans to shed 900 staff and close 13 offices.

The job cuts will fall on building sites and in sales, administration and support as the firm shrinks the business to meet the tougher market conditions.

A Barratt spokesman said: "Our number one priority is to ensure that Barratt's core skills are retained."

Barratt has been under pressure since the takeover of rival Wilson Bowden last year at the top of the market.

The firm's share price has since slumped and it has been relegated from the FTSE 100 Index, but it is currently burdened with around £1.7 billion in debt from the acquisition.

The group is also set to merge eight of its offices into four under the reorganisation plans, which will leave it with 26 regional offices.