Bellway sets aside almost £6m for post-Grenfell recladsd

House builder Bellway has set aside nearly £6m to pay for recladding work to schemes found to fail rain screen fire tests.

The house builder said it had a small number of developments where aluminium composite materials were used. 

Bellway said it would finance recladding costs as it revealed record results this morning with pre-tax profit up 14% to £641m on revenue ahead 16% to just shy of £3bn.

Chief Executive Jason Honeyman said: “While we received Building Regulations approval for their use at the time, as a responsible developer, we are fully engaged with the Government and our partners to develop solutions that protect our customers and future occupiers. 

“Accordingly, the group has set aside a provision, net of recoveries, of £5.9m to deal with any likely remedial costs that may be borne by Bellway. 

“We have also strengthened our processes and training relating to fire safety issues and will continue to develop these in the year ahead as Government guidance no doubt evolves.”

One of the schemes to be impacted is the New Festival Quarter development of 500 flats in at Poplar in East London.

Bellway and development partner Peabody are drawing up designs to replace cladding and will soon put the job out to tender to start work next year.

Cladding will also be replaced on one of Cardiff Bay’s largest residential schemes, known as Prospect Place and Quayside.

from Construction Enquirer http://www.constructionenquirer.com/2018/10/16/bellway-sets-aside-almost-6m-for-post-grenfell-recladsd/

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