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3 July 2008

Barratt to close regional offices

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by Lin Freestone

Barratt to close regional offices

Barratt Developments is planning to close two offices in Chester and Sheffield, and a further eight regional offices will be merged into four.

It is anticipated that the closures and mergers will impact on about 1,000 jobs, representing approximately 15% of the workforce.

Two offices will be merged into one in Leeds, in Scotland, in the Midlands region and in Southampton. After the mergers, Barratt will continue to operate 26 regional offices.

Barratt is being very selective about starting new projects, but is continuing to work on housing schemes already started. There is no policy of slowing down on existing sites.

The company is scheduled to update the market on talks with banks about the refinancing of its £1.7bn debt to avoid potential breaches of its loan conditions on July 10.


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