Barratt budgets £70 million to fix concrete frame defects – Architects Journal

The Leicestershire-based firm said in an end-of-year trading update that it estimated the cost of the remediation programme at £70 million.

Barratt initially uncovered a problem with the reinforced concrete frame of the Citiscape residential block in Croydon and opted to foot the bill for ‘extensive’ remedial action.

The housebuilder then appointed third-party structural engineers to review schemes that involved the same engineers as Citiscape – or companies within the same group as the Citiscape engineers.

‘The preliminary reviews of all 26 of these developments, the majority of which were designed over 10 years ago, are complete and have not identified any issues as severe as those present at Citiscape,’ said the trading statement this week.

‘Engineers are now undertaking more detailed reviews to see if any remediation of the concrete frames is required. Those detailed reviews have so far shown that eight developments have no defects while seven developments required some remedial action to address smaller-scale problems. At these developments, remedial action has either been successfully completed or is under way.

‘Based on our current assessments, it is estimated that the total future costs for the required remedial programme at Citiscape, the review itself, and any remediation required at other buildings, will be around £70 million, with this charge and the related cash outflow arising in the financial years 2020 and 2021.

‘We are actively seeking to recover costs from third parties. However, there is no certainty regarding the extent of any financial recovery.’

Elsewhere in the trading update, Barratt said completion volumes had been ‘significantly reduced’ in the coronavirus lockdown period, with 12,604 homes finished during the year to 30 June 2020, down from 17,856 the previous year.

 

Related Posts

Comments

  1. 86559 377854Greatest fighter toasts ought to entertain and supply prize on your couples. Initially audio system next to obnoxious crowd would be wise to realize 1 specific gold colored strategy as to public speaking, which is private interests self. very best man jokes 98349

  2. 735048 452132I agree with most of your points, but a few want to be discussed further, I will hold a small talk with my partners and maybe I will look for you some suggestion soon. 208215

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Stay Connected

21,935FansLike
2,507FollowersFollow
0SubscribersSubscribe

Recent Stories

Alabama Legislature gets record budgets, warnings about spending

Alabama could go into 2023 with the largest budgets in state history. But the message from two of Alabama's financial officers on Tuesday was...

Data: 97% of Shippers Set to Increase Freight Procurement Budgets In 2022 – Industrial Distribution

CHICAGO — On Jan. 19, Sleek Technologies, a provider of freight procurement automation, announced the release of its 2022 State of Freight Procurement Research Report. The...

Ep. 562 – This American city drastically increased their police budgets and murders still DOUBLED.

Mobile, Alabama did what cities across the country are doing right now, they drastically increased their police budget over the past 3 years. And...