Housebuilder cuts top brass pay as staff are furloughed

Coalville housebuilding giant Baratt Developments is furloughing 85% of its staff while its top team has agreed to a pay cut.

The company revealed this morning that the vast majority of its staff will be furloughed on full pay until the end of May, while executive directors, the wider executive and regional managing director team, the chairman and the non-executive directors have agreed to a voluntary 20% reduction in their wages.

The firm closed all its sites in March in response to the coronavirus crisis and say it expects “only a very limited” amount of house completions to undertaken while its sales and construction sites are shut.

A statement from Barratt said: “Our experienced Board remains focused on taking the right actions and planning for the future, so that when appropriate to do so, we can re-start our sales centres, construction sites and offices safely and are well-placed to continue to deliver the high quality homes the country needs.”