Builders Merchants Journal – BMJ Publishing to Builders Merchants and the UK merchanting industry for more than 95 years
Travis Perkins has revealed it axed jobs at the end of last year and stated it plans to make further cuts as a result of a slowdown in construction.
The Group, which also own Toolstation, mainly cut jobs at its Northampton headquarters and its central support teams – some of its branch staff were also impacted by the cuts.
It’s statement revealed: “This work commenced in Q4 with a reduction in central and regional headcount alongside efficiencies realised within the Group’s supply chain. These actions will deliver annualised savings of around £35m and result in a one-off restructuring charge of around £15m in FY23 (Fiscal Year).”
It expects to deliver an FY23 adjusted operating profit of around £180m, in line with its previous guidance.
It stated in its post-close trading update for the year to December 31 2023 that these actions will deliver annualised savings of around £35 million and result in a one-off restructuring charge of around £15 million in the 2023 financial year.
The Builders Merchant Journal reported last year about its job cuts, read more detail about it here.
Travis Perkins said these changes represent the first steps in a programme of planned changes to its operating model, which will focus on simplifying how its businesses interest with each other, reviewing the impact of loss-making activities and maximising the benefit of the Group’s collective scale.
