Page last updated at 06:54 GMT, Monday, 30 June 2008 07:54 UK

Taylor Wimpey seeks refinancing

Building site
Taylor Wimpey says the UK housing market is in a "significant downturn"

Housebuilder Taylor Wimpey is in talks with shareholders and institutions as it seeks to raise extra funds.

It said it was most likely to gain the funds by means of a placing and open offer of new shares.

The builder, hit by a "significant downturn" in the housing market, also said it expects to write off around 550m in the UK.

It firm said it had entered 2008 with a cautious outlook and this had "been borne out by recent experience".

"While the US market is showing signs of improving stability, in the UK market it has become apparent that we have entered a significant downturn," it added.

As well as writing down the value of the land bank and work-in-progress in the UK by approximately 550 million, it will write down a further 70m in the US and 50m in Spain.

The firm said it will provide more details when it releases its half-yearly trading update on Wednesday, 2 July.

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