TW closes sites

Taylor Wimpey is closing all its building sites as well as show homes and sales centres in the light of the government’s latest announcement on measures to fight the coronavirus pandemic.

Sales offices closed last night and building sites will begin the close down process today.

The decision comes despite communities secretary Robert Jenrick and cabinet minister Michael Gove saying sites can remain open if safe distancing measures are maintained.

TW has also stopped discretionary land spend and is cancelling its 2020 final dividend in line with other housebuilders.

TW said: “In the interest of customer and employee safety, we have taken the decision to close all of our show homes, sales centres, and construction sites for all work except that needed to make the sites safe and secure. Sales offices were closed with effect from the evening of Monday 23 March 2020. We will continue to support new and existing customers and will conduct all business by telephone or digitally. Construction sites will begin the close down process today.”

The firm said it had “taken rapid proactive measures to protect the balance sheet in the short term. However, we are likely to face weeks or months …