The restructuring that will push Tay Homes into the red this year is “not complete by any stretch of the imagination”, according to chief executive Bill Bannister.
Bannister said the changes, which will see Tay write off £10m-12m in writedowns, reorganisation and redundancy costs for the year to 30 June 1999, will continue for an unspecified period.
In a statement, chairman John Maunders – who joined Tay in March after a management reshuffle – said the housebuilder had suffered a “serious lack of management controls” and had lacked “any appropriate reporting procedures”.
A number of redundancies have been made, including joint founder Norman Stubbs and non-executive director Jack Green.
