Vistry issues third profit warning in three monthsVistry has issued a third profit warning in three months warning that adjusted profit before tax for the year will be around £250m, some £50m below its previous guidance.
The partnerships house builder blamed delays to expected year-end transactions and completions for the shortfall.
In the firm’s year-end trading update, Greg Fitzgerald,…
Miller Homes buys St Modwen Homes for £215mMiller Homes has agreed a deal to buy rival St Modwen Homes for £215m, taking the house builder a step closer to realising its goal of delivering 6,000 homes a year.
The deal sees Miller Homes acquire 19 live sites containing around 3,500 plots and a further five strategic sites.
The acquisition will see Miller enter the South West for the first tim…
Keltbray fine increased to £18m after failed bid rigging appealKeltbray has seen its fine increase to £18m for bid rigging after losing an appeal against its original £16m penalty.
Keltbray was among ten firms fined a total of £60m by the Competition and Markets Authority last March following an investigation into cover bidding in the sector.
Keltbray had entered into a settlement agreement…
Luxury house builder goes under with 70 job lossesLuxury house builder Octagon Developments Ltd has gone into administration with all 70 staff made redundant.
David Hudson and Phil Armstrong of FRP Advisory were appointed as joint administrators this week.
The company has been in business since 1980 as a prestigious luxury property developer specialising in high-end residential homes across…
Top Ten best read stories of 2024The Enquirer is putting out its last daily newsletter of the year today as the industry winds-down for its traditional Christmas break.
The website will be updated with any major breaking stories during the holiday season with the full daily news service returning on January 6.
It has been another eventful 12 months and a busy news year for construction as t…
BAM Nuttall fined £800,000 after concrete skip tragedyBAM Nuttall has been fined £800,000 after a labourer died during the construction of a wind farm on the Shetland Islands.
Liam MacDonald, from Tain, Ross-shire, lost his life on the morning of 5 June 2022 while removing dried concrete from a pouring skip at the Viking site on Upper Kergord.
The agency worker had started on the site just over…
Ofwat approves £104bn water industry spending planWater companies have today received the green light to advance a £104bn infrastructure spending plan to improve water quality across the country.
The green light means household water bills will rise by an average of 36% to fund big investments in water and wastewater treatment upgrades.
The 2024 Price Review final determinations will trigger a…
Costain/ Siemens JV clinches HS2 power supply jobA joint venture between Siemens Mobility and Costain has won its bid to deliver high voltage power supply systems for the HS2 project throughout the 225km route from Birmingham to London.
The contract, which will be formally signed shortly, is expected to be worth in the region of £300m to the joint venture, with optional contract extensions.
Demolition team assembles on Multiplex London Wall siteErith will start main demolition works next month at 75 London Wall in the City of London.
Multiplex has landed a Pre-Construction Services Agreement (PCSA) on the £250m job to revamp and expand Deutsche Bank’s former headquarters with the main construction contract expected to be awarded next summer.
Architect Orms has designed the schem…
HS2 costs could hit £66bnThe cost of HS2 could rise to as much as £66bn according to latest estimates presented to the Department for Transport.
The latest budget came as it was confirmed that current HS2 chairman Sir Jon Thompson will step down from his role next Spring after four years on the board.
Latest figures show £32.8bn has been spent on the project so far with the current estimat…