Kier has paused the sale of Kier Living and the evaluation of what to do with its property business as a result of coronavirus disruption.
In a trading update issued by the company, Kier outlined a number of strategies it would be taking to limit the impact of coronavirus on the business.
The company will pause work on all of its Kier Living house-building sites, as well as put the sale of the company on ice, which the company announced it would be disposing in June last year.
At that same time, Kier announced it would be evaluating what to do with its property business, stating that the investment requirements of the business were “incompatible with the group’s capital requirements”.
Capital invested into the business has been reduced and the option of a sale was potentially on the cards.
Now, this evaluation of the business has also been paused, Kier said.
Approximately 80% of Kier’s sites remain open, and in order to keep operating, 6,500 employees, including the executive committee and the board, have taken a 7.5%-25% pay cut for three months to mitigate coronavirus-related effects on the company.
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