News from U+I ……£50m loss, CEO and Finance Director leaving, 40% staff cut……. January 2021
U+I the London Fire Brigade’s development partner for the redevelopment of their previous HQ at 8 Albert Embankment is in the process of …………..major budget cuts, substantial down-sizing, selling off assets ….
This is in the Architect’s Journal:
Full details in the Regulatory Statement and presentation to investors on the company website:
https://www.uandiplc.com/media/2923/final-interims-sept-2020-18-01-21.pdf
https://www.uandiplc.com/media/2924/interim-results-presentation-final.pdf
Mid-year £50.2 million loss before tax.
Suspension of interim dividend.
Accelerated disposals programme to generate cash and pay down debt; target to deliver proceeds of about.£50 million in financial year 2021 and in excess of £80 million in financial year 2022 by reducing the number of development, trading and investment portfolio assets.
Overhead cost reduction programme implemented: This accelerated cost saving programme is designed to reduce gross recurring overheads by 43% over a 3 year period. It includes a 41% reduction in staff headcount and a proposed relocation to a smaller London office.
The Chief Executive Officer and Chief Financial and Operating Officer are both leaving the company in 2021. The Development Director (Joanna Axon) leading on 8 Albert Embankment has already left the company.
A 100-day review of all existing assets is underway. An updated strategy, including a disposal strategy for mature or underperforming assets, is to be presented on 26 May 2021, to accompany the interim results for the financial year 2021.
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