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Stewart Milne feels the crunch

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July 22 2008

One of Britain’s largest house builders, Stewart Milne, is to make one in five of its staff across the country redundant.  Overall the Aberdeen based firm is to cast 289 posts with the north east bearing the brunt.

Chief Executive Stewart Milne said:
“No-one in our sector is immune from the downturn. The lack of liquidity and lower consumer confidence has resulted in a decline in sales and despite our efforts to overcome these challenges, the ongoing market conditions have impacted on us”.

These latest job losses are indicative of the severe impact upon Britain’s housing market of the ongoing “credit crunch”.  They follow similar moves from sector rivals including Persimmon shedding 2,000 posts, Taylor Wimpey axing 900, Barratt slashed jobs by 1,000 with 400 going at Bovis and a further 500 positions shed at Redrow.

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