Barratt Redrow to Close Nine Offices in Cost-Saving Plan

Barratt Redrow, the UK's largest housebuilder following its recent £2.5 billion acquisition of Redrow, is set to close nine divisional offices as part of a £90 million cost-saving initiative aimed at streamlining operations and enhancing efficiency. The restructuring is expected to yield savings of £33 million from office closures, £34 million from renegotiated supplier contracts, and £23 million from consolidating central functions. CEO David Thomas noted signs of stabilization in the housing market, attributing it to improved mortgage availability and affordability, although he cautioned that customer confidence may take time to recover. The company anticipates completing between 16,600 and 17,200 homes in the upcoming financial year, reflecting a positive outlook amid ongoing adjustments. The firm has begun consultations regarding potential job cuts related to these changes, though specific numbers have not been disclosed. Further details on the restructuring plan will be provided in a forthcoming half-year trading update.