Bellway asks subcontractors to cut rates - report
Bellway
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Bellway has asked subcontractors to cut their rates by 5% as the housebuilder seeks to pass on some of the costs created by the Covid-19 crisis, according to a report.
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The company wrote to its suppliers to say the impact of the crisis was "signifiant and unprecedented", The Times reported.
Bellway said on 9 June it had "substantial" forward sales and that its order book was 6,038 homes compared with 6,312 a year earlier. The homes' carrying value was £1.57bn, slighly less than the £1.64bn a year earlier. The company said construction had restarted at about 230 sites and all sales offices had reopened.
The builder put 75% of its 3,200 workers on furlough during the lockdown but all staff have now returned to work. It has reported a strong balance sheet with net debt down to £157m at the end of May from £261m a year earlier.