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.


SEE ALSO
Taylor Wimpey to close 13 offices
20 May 08 |  Business
Overseas woes hit Taylor Wimpey
06 Mar 08 |  Business
Homebuilder sees 'subdued' market
31 Jul 07 |  Business
Wimpey and Woodrow agree to merge
26 Mar 07 |  Business
Building firm enjoys housing boom
10 Jan 07 |  West Midlands

RELATED INTERNET LINKS
The BBC is not responsible for the content of external internet sites


FEATURES, VIEWS, ANALYSIS
Has China's housing bubble burst?
How the world's oldest clove tree defied an empire
Why Royal Ballet principal Sergei Polunin quit

BBC iD

Sign in

BBC navigation

Copyright © 2020 BBC. The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.

Americas Africa Europe Middle East South Asia Asia Pacific