Builders merchant Travis Perkins has revealed branch closures could put up to 600 jobs at risk as it scrabbles to make savings…
The UK’s largest builders merchant could lose up to 600 members of staff, it has emerged.
Travis Perkins employs 28,000 people and has 2,060 stores. It is seeking to close 30 branches, which could see 600 jobs cut as a result.
The decision was prompted by concerns profits will be lower than expected this year due to weak sales in its plumbing and heating division. It is thought branches of Travis Perkins, Benchmarx, BSS and PTS will be affected by the closures, but its DIY brand Wickes will not.
Unpredictable demand causing uncertainty
Chief executive John Carter said it was “still too early to predict customer demand in 2017 with certainty”.
He added: “Given this uncertainty we will be closing over 30 branches and making further efficiency driven changes in the supply chain.”
A further 10 smaller distribution centres are also expected to close and the firm said it will write off IT equipment.
Shares in the firm fell six per cent on Wednesday during early trading and have fallen more than 22 per cent since the EU referendum. However, it is not clear if the losses are due to the Brexit vote or if it is something more intrinsic within the company itself.
