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Kier Redundancies Announced

Posted 155 days ago | 17.06.19

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Kier Redundancies Announced

Construction and services firm, Kier has announced that it is going to cut 1,200 jobs in a move to save £55m a year by 2021. The announcement  came with a plan to simplify Kier's business and reduce its debt.

It will sell its homebuilding business, Kier Living, and will shut or sell other interests, including its recycling and rubbish processing units

and move to focusing on activities such as construction and road maintenance.

In the past year shares in the company have fallen by more than 85%, falling a further 11% on Monday to about 116p.

Chief executive Andrew Davies commented: ”These actions are focused on resetting the operational structure of Kier, simplifying the portfolio, and emphasising cash generation in order to structurally reduce debt. By making these changes, we will reinforce the foundations from which our core activities can flourish in the future, to the benefit of all of our stakeholders.”

It has been a tough few years for outsourcing companies competing for government contracts.

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