{"id":153637,"date":"2025-07-30T14:33:48","date_gmt":"2025-07-30T13:33:48","guid":{"rendered":"https:\/\/www.pbctoday.co.uk\/news\/?p=153637"},"modified":"2025-07-30T14:33:48","modified_gmt":"2025-07-30T13:33:48","slug":"taylor-wimpey-loss-92m-recorded-wake-cladding-safety-issues","status":"publish","type":"post","link":"https:\/\/www.pbctoday.co.uk\/news\/planning-construction-news\/taylor-wimpey-loss-92m-recorded-wake-cladding-safety-issues\/153637\/","title":{"rendered":"Taylor Wimpey loss of \u00a392m recorded in the wake of cladding safety issues"},"content":{"rendered":"

The last few months have been a large hit for the company as issues with cavity barriers have caused headaches and losses<\/h2>\n

The Taylor Wimpey loss has been caused by a hit of \u00a3222m in identified issues with cavity barriers in brickwork and render.<\/p>\n

The loss of \u00a392m is pre-tax and represents the six months to 29 June, after the company reported a \u00a3100m profit in the last half.<\/p>\n

\u00a3222m is the current best guess at remediation costs<\/h3>\n

\u00a3145m represents costs to fix historic defects found in the past few months that were missed in earlier surveys and assessments. On top of this, the company will need to pay \u00a339.5m for other cladding remediation, and \u00a338m on site-specific cost increases. That means the total overall cost is as high as \u00a3435m.<\/p>\n

Taylor Wimpey have also noted a hit of \u00a320m in a charge to complete remediation work on a London building originally built between 2012-2015, as well as a provision of \u00a318m for the Competition Markets Authority\u2019s<\/a> recent probe.<\/p>\n

Cladding remediation costs have been headache for several companies, with fingers being pointed in different directions, including Laing O\u2019Rourke looking to sue architect BDP<\/a> for \u00a31.8m over a building in Lancashire, and Crest Nicholson reporting in January that their fire remediation costs would hit \u00a3250m.<\/a><\/p>\n

Jennie Daly, chief executive of Taylor Wimpey, said: \u201cThe safety of our customers remains our highest priority \u2013 this principle has consistently guided our approach, and we have increased our cladding fire safety provision to reflect findings from updated fire risk assessments and investigations in the first half.\u201d<\/p>\n

The Taylor Wimpey loss comes as government focuses on remediation<\/h3>\n

The government has recently released an update to the Cladding Remediation Acceleration Plan<\/a>, which includes a new legal deadline for landlords to have completed work on fixing cladding on their buildings.<\/p>\n

The acceleration plan has several key objectives.<\/p>\n

Fix buildings faster:<\/p>\n

\u2022 Give social landlords equal access to government remediation funding as private landlords, supported by a new joint plan between government, social landlords and regulators to speed up remediation, cutting years off the time to make social tenants safe and improving resident experience before, during and after remedial works.<\/p>\n

\u2022 Bring forward a Remediation Bill to create a hard \u2018endpoint\u2019 for remediation. A Legal Duty to Remediate will compel landlords to remediate their buildings within fixed timescales or face criminal prosecution. Avoidance is not an option. Where landlords fail, new powers \u2013 including a Remediation Backstop \u2013 will ensure the work gets done. The Bill will be brought forward as soon as parliamentary time allows.<\/p>\n

\u2022 Tighten fire assessment standards to minimise delays to remediation start dates and provide certainty on the scope of works.<\/p>\n

\u2022 Support the delivery of Local Remediation Acceleration Plans (LRAPs) to enhance collaborative working and expertise at regional levels, further to the over \u00a35m in funding already provided to metro mayors.<\/p>\n

\u2022 Establish a National Remediation System (NRS) to serve as the single source of data for all relevant buildings over 11 metres to enhance information sharing across partner organisations.<\/p>\n

Find 11m+ residential buildings in need of cladding remediation:<\/p>\n

\u2022 Reviewed over 212,000 Ordnance Survey records and, as part of a separate exercise, published updated prevalence information based on the latest available data, which reduces the estimated number of buildings requiring remediation that have not yet been brought into a remediation programme from 4,000 \u2013 7,000 to 500 \u2013 3,400 with 60% \u2013 91% having already been identified.<\/p>\n

\u2022 Advanced work to review further Ordnance Survey records and remain on track to identify the vast majority of relevant 11m+ buildings with potentially unsafe cladding by the end of the year.<\/p>\n

\u2022 Identified buildings where further investigation is required and began engagement with responsible parties to review their fire risk assessments and either provide support to help them enter a programme or rule them out.<\/p>\n

Support residents:<\/p>\n

\u2022 Provide funding, on a strictly exceptional basis, to multi-occupied residential buildings under 11 metres where it is needed to address life-critical fire safety risks from cladding and there are no alternatives to fund the works.<\/p>\n

\u2022 Bring forward legislation to ensure that regulators can enforce the remediation or mitigation of critical issues following a decant of a residential building of 11m+. This will ensure that decants are either averted, or residents can return to their homes as quickly as possible.<\/p>\n

\u2022 Implement a long-term, sustainable approach to the Waking Watch Replacement Fund.<\/p>\n

\u2022 Ensure that, even after remediation, social landlords who have signed the Joint Plan continue to allow shared owners to sublet their properties up to the market rent level where demonstrable efforts are being made to sell the property.<\/p>\n

\n<\/div>","protected":false},"excerpt":{"rendered":"

Cladding remediation costs of \u00a3222m have caused a Taylor Wimpey loss of \u00a392m pre-tax, after a profit of \u00a3100m in the previous period.<\/p>\n","protected":false},"author":32,"featured_media":153638,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[304],"tags":[897,34600,908,276],"stakeholder_rel_tag":[],"contributor_rel_tag":[],"class_list":{"0":"post-153637","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-planning-construction-news","8":"tag-cladding","9":"tag-cma","10":"tag-economy","11":"tag-government"},"acf":[],"yoast_head":"\nTaylor Wimpey loss of \u00a392m recorded in the wake of cladding safety issues<\/title>\n<meta name=\"description\" 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