Taylor Wimpey boss says company can weather current turbulence in housing market without selling construction division
Taylor Wimpey chief executive Peter Redfern has dismissed speculation the company is planning to sell its construction arm.
Media reports at the weekend claimed the company was due to announce a deal for the £10m-turnover division in a trading statement tomorrow with either Costain, Laing O’Rourke or Bouygues.
But Redfern told Building: “It’s an unusual article because it’s quite inaccurate. I’m not sure where they’ve got their data from. There is no deal on the table.”
Analysts said a deal made sense on paper due to the current weak state of the housebuilding market and the good reputation of the Taylor Wimpey construction division, a move which Redfern hinted may happen one day.
“We’ve always said housebuilding was our core business and there have been rumours about a sale for some time now.”
He also said the company had sufficient resources to weather the current turbulence in the housebuilding sector without resorting to a sale.