Travis Perkins has cut jobs at the end of the year and further cuts could be on the cards as the builder’s merchant are cutting costs due to a slowdown in the construction sector.
The company who also owns the Toolstation chain said the job cuts took place in the last three months of 2023, this was mainly across the Northampton headquarters and some branches were impacted.
The group cut their profit guidance in October amid “challenging conditions” and at the time there were set to post underlying earning of £175 million to £195 million in 2023, it was estimated that Travis Perkins was bring in £236 million to £250 million.
Travis Perkins said: “Given that market conditions are anticipated to remain subdued into 2024, management has accelerated plans to continue the transformation of the business.
“This work commenced in the fourth quarter with a reduction in central and regional headcount alongside efficiencies realised within the group’s supply chain.”
“These initiatives represent the first steps in a programme of planned changes to the group’s operating model, which will focus on simplifying how its businesses interact with each other, reviewing the impact of loss-making activities and maximising the benefit of the group’s collective scale,” they added.