Travis Perkins has advised that it is looking to lose around 165 of its smaller builders’ merchants branches along with 2500 associated jobs. On its statement to the London Stock Exchange, the business advised that the closures would be concentrated in the merchant businesses where it was harder to implement safe distancing procedures or where profitably would be eroded in a reduced volume environment.
CEO Nick Roberts said: “The Covid pandemic has created significant challenges across our group and I have been hugely encouraged by the flexibility of our colleagues to adapt our business models successfully and at pace, which has enabled us to maintain safe distancing working practices whilst continuing to provide an effective service to our customers. Whilst we have experienced improving trends more recently, we do not expect a return to pre-Covid trading conditions for some time and consequently, we have had to take the very difficult decision to begin consultations on the closure of selected branches and to reduce our workforce to ensure we can protect the group as a whole. This is no way a reflection on those employees impacted and we will do everything we can to support them during this process”.
“The group has a robust balance sheet, strong liquidity position and I am confident that these proposed changes will enable us to trade successfully through this period of uncertainty with a cost base that better reflects the environment we are operating in.”
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