Lendlease to cut 240 UK staff

Aaron Morby 4 years ago
Share

Lendlease has become the latest main contractor to move to streamline its business fearing a slowdown in the market.

The firm is looking to cut 15% of staff in the UK as it refocuses its business with an eye on greater investment in major mixed-use urban regeneration work.

Lendlease said it remained committed to its pipeline of opportunities secured in the UK where it still saw considerable longterm potential.

The business said it had good longterm opportunities in the Euston Station development, Silvertown and Thamesmead in London.

Around 240 staff are understood to be at risk in the shake-up.

A Lendlease spokesperson said: “First we must withstand tough economic conditions that are being addressed by nearly every business in our industry. To withstand those conditions we are proposing to reduce the size of our workforce in the UK by around 15%.

“The vast majority of our team will remain in place but, in order to achieve our long-term potential in the UK, we are proposing that our business become a leaner organisation that is fit to face the challenges ahead.”

The move follows Lendlease Group reporting a £300m worldwide loss in the year to June.

Steve McCann, Lendlease Group’s chief executive said the group would now focus on accelerating its investment pipeline, focusing on opportunities with the highest returns.

He said Lendlease would flex its development plans pulling forward build to rent and affordable housing at schemes like Silvertown Quays in East London as the build to sell market recovers.

Latest news

Welding crisis road bridges revealed

Bridge projects in Midlands, Gateshead and Cornwall impacted
4 hours ago

£1bn Bishopsgate Goodsyard phase one go-ahead

London Mayor approves 550,000 sq ft office scheme above Shoreditch station
3 hours ago

Costain poised for major HS2 tunnel fit out deal

Latest major deal on project due imminently
3 hours ago

New builds overtake refurbs in London office market

Drop in new construction starts but developers remain bullish
2 hours ago

Willmott Dixon wins £23m net zero Surrey SEND school

Hopescourt School job takes low carbon work pipeline to £1.4bn
3 hours ago

£1.6m fine after mast climber crush tragedy

Court hears how worker died while unloading work platform
3 hours ago

Severfield welding crisis hits five National Highways bridges

Full penetration butt welds under scrutiny as weight restrictions imposed
1 day ago

HS2 awards £3bn of track contracts

Ferrovial BAM and Colas Rail among 'rail systems' winners
2 days ago

Chinese diggers face 83.5% duty after JCB dumping complaint

Fair trade body finds UK kit prices were undercut by 23%
1 day ago

Rayner puts freeze on 43-storey London office tower

Government to consider impact on nearby 18th century City synagogue
1 day ago

Subcontractors raise concerns at Salford site

Bridgewater Wharf scheme hit by series of company failures
1 day ago

Wates wins Middlesbrough Gresham regen scheme

Firm will build 230 rental flats, hotel and 450 student beds
2 days ago

Severfield finds weld problems on nine HS2 bridges

Steelwork specialist slumps to a loss after £20m hit to fix installed structures
2 days ago

Scottish Water launches £9bn bid race

Delivery Vehicle 4 is company's largest ever procurement programme
2 days ago

Multiplex signs off £400m Westminster barracks resi job

Super prime 179 flats to be built at former home of Royal Horse Artillery
2 days ago

Road worker dies after crash on A30

Collision involving two highways maintenance vehicles and a lorry in Cornwall
3 days ago

Vp launches dedicated rail division

Launch comes as equipment rental specialist posts latest results
2 days ago

Kori Construction lands £21m Leicester care home

Work to start next month with local supply chain
2 days ago

Kier in line for £70m Bishop’s Stortford town centre job

Developer Cityheart recommits to regeneration of Old River Lane site
2 days ago

Kier and Bam star in two Welsh frameworks worth £1.4bn

Welsh hospitals and South West Wales building frameworks awarded
3 days ago

Developer GPE targets 40% of reused building materials

Subcontractors will be asked for suggestions on how to cut use of virgin materials
3 days ago

95 secure spots on major consultants framework

Host of firms win places on Procure Partnerships deal
3 days ago

Arup restructures board to create new CEO role

Group chair Jerome Frost takes new role at consultant
3 days ago

Winners revealed for £5.4bn electricity grid upgrade

SP Energy Networks unveils 19 winners - full list
6 days ago

Balfour and Flannery hit training milestone

1,000th student trained at Operator Skills Hub
3 days ago

Fast-track skills hubs to train 5,000 extra apprentices

Plan for network of 32 skills hubs to train construction apprentices in half the time
6 days ago

Malaysian property giant to buy 50% stake in JRL

IJM Land to buy into diversified £800m turnover south east contractor
6 days ago

Luxury house builder files administration notice

£31m turnover Octagon Developments Ltd lodges court notice
6 days ago

Morgan Sindall takes on £22m stalled ISG Cardiff school job

Workplan is being drawn up ahead of restart on Penarth school
6 days ago

Walker Modular wins bathroom pod deal on student tower

Sealant-free construction method helps supplier dominate student market
6 days ago

Contractor services