Builders' bosses pay the price of failure

Article Abstract:

The UK construction industry faces job losses amounting to 20,000, and construction industry bosses have been among those faced with redundancy. John Mowlem's chief executive, John Marshall, and Peter Costain from Costain gave both left their posts followed by Robert Sellier, chief executive at Y.J.Lovell. All three companies have been hit by the recession in the UK building trade. Downsizing may lead to further management changes, but the industry faces problems such as a cut in government spending for which easy solutions cannot be found.

United Kingdom, Economic aspects

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Long haul for the builders

Article Abstract:

Tarmac and Wimpey have carried out an asset swap which has led to a share price rise for both companies. Wimpey has taken on the housebuilding arm of Tarmac, taking Wimpey to first position among UK housebuilders with an 8% stake in the market. The size of the new division could make it difficult to manage. Tarmac becomes responsible for overrruns and disputes over contracts. The asset swap will not provide an easy solution to the problems faced by either company.

Residential Buildings, Residential Building Construction, Residential construction, Mergers, acquisitions and divestments, Tarmac PLC, George Wimpey PLC

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Builders in dogfight as slowdown hits trade: the construction industry has learnt not to rely on economic recovery to bring about a revival in business. The continued shortage of work is making itself felt even among the sector's blue-chip players

Article Abstract:

The conditions in the troubled construction industry are worsening. Taylor Woodrow has announced that its UK construction business will be subject to substantial one off provisions. It is planning to shutdown Costelloe its groundworks business and the contracting arm of Taymec, its mechanial and electrical business. Malcolm Brown of James Capel believes that the prospects for construction are depressing and other closures will follow.

Finance, Taylor Woodrow PLC

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