New Vistry boss launches overhaul and job cuts as housebuilder posts £661m loss

From the Newshound archive · first published 24 September 2026.

Vistry's incoming chief executive Adam Daniels has laid out a radical restructuring of one of Britain's largest housebuilders after it reported a pre-tax loss of £661.3m for the first half of the year, compared with a £40.9m profit over the same period in 2024. The overhaul will cut the group's regional divisions from 25 to 12 and see it exit private residential sales in the South East entirely. Further redundancies are expected on top of the 350 jobs already shed since the summer.

A £475m write-down and a £73m provision for Grenfell-related building safety work were the main drivers of the catastrophic loss.

Vistry cut its full-year profit forecast to £165m from £200m, after accumulating £600m of unsold homes that had to be offloaded at steep discounts.

New boss Daniels insisted "the issues can be fixed" but put the 4,150-strong workforce on notice for a further £50m round of cost cuts.