Countryside’s £25m work bill

COUNTRYSIDE Properties today said it has set aside £25 million to cover the potential need for remedial works at 20 of its developments built before 2017.

The move comes as the industry attempts to break a log-jam that has left people stuck in flats deemed unsafe or unsellable. Taylor Wimpey has already set aside £125 million to address potential cladding and fire safety issues which could fall foul of guidelines introduced after the Grenfell tragedy.

Countryside, whose operations cover urban regeneration and South East-focused housebuilding, is working with the owners of 20 schemes built between 2008 and 2017 where remedial work may be needed before fire safety certificates are issued.

The company described quantifying the costs involved as “inherently complex”.

The £25 million provision meant Countryside’s half-year operating profits fell by 40% to £24.7 million, despite revenues being 37% higher at £661 million in the wake of a 14% rise in home completions to 2,591.