Kier announces 1,200 job cuts as two divisions sold off
- Credit: Chris Biele
Major Norfolk employer Kier has announced it is looking to sell some of its divisions, putting 1,200 jobs on the line.
The construction company has announced it is restructuring, and is selling off divisions in non-core activities.
The divisions currently earmarked for closure are Kier Living, which focuses on the affordable market, and Kier Property, which works on schemes through long-term joint ventures.
MORE: 'Absolutely horrendous' - how business has been hit by town sinkhole The group has an office in Norwich's Mile Cross Lane, as well as a sites in Wymondham and Aylsham.
The sale of the business is expected to reduce Kier's headcount by about 1,200 while saving £55m per year from 2021.
Under the accelerated restructure, about 650 staff will have left the group by the end of the month with a further 500 to leave during 2020.
Chief executive Andrew Davies said: Andrew Davies said "Since becoming chief executive on 15 April, I have visited many of our key locations and spent time with all of our businesses, meeting the leadership teams and many of our dedicated people in the process.
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"I have also met with many of our clients. Kier has a number of high-quality, market-leading businesses, in particular regional building, infrastructure, utilities and highways. I believe that these businesses will deliver long-term, sustainable revenues and margins and are inherently cash generative."