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Debts slashed at troubled builder Taylor
13 Jan 2009Housebuilder Taylor Wimpey today said it has reduced its debt-mountain from £1.9 billion to £1.55 billion in the last six months.
The firm, which has seen its shares crash more than 90% over the last two years as the housing market collapsed and its finances were stretched to breaking point, also confirmed it has struck a new deal with its banks over the lending arrangements.
Shares were down 5p to 20p today having peaked at 518p two years ago.
Chief executive Pete Redfern said: “We remain of the view that there will not be a recovery in the UK housing market in the short term.”
