BUSINESS LIVE: Vistry plots restructuring; Foxconn faces China probe; Keller eyes record year

British Steel is reportedly preparing to cut up to 2,000 jobs amid an operational restructuring.

Jingye, its Chinese owner, has tapped consultants to oversee a cost-cutting programme, according to the Sunday Times.

However, no decision has been made on job losses, sources told the newspaper.

Vistry has cut its profit targets as the housebuilding group plans a restructuring that could cost up to 200 jobs, in further evidence of the pressure on Britain’s property sector.

The company now expects adjusted pre-tax profits for 2023 to reach £410m, including the impact of a reduction in full-year site margins, compared with more than £450m at that was pointing.

Vistry said: ‘In September, the Group announced its updated strategy to fully focus its operations on its High Growth Partnerships model, increasing the delivery of much-needed mixed tenure affordable housing across the country.

‘Implementation is progressing apace with the operational structure reviewed and senior appointments confirmed, and the employee consultation process concluded. The Group will operate as a single company with 27 regional business units, a reduction from 32, and the Group’s overall workforce will be reduced by c. 200 as a result of this restructuring.

‘The Group has the capacity within this infrastructure to meet its medium-term growth objectives, with greater use of standardization and manufacturing of timber structures.

‘The Group expects to deliver c. £25m annualized cost savings from this integration of partnerships and housebuilding, plus £60m of synergies from the Countryside acquisition.’