LONDON (ShareCast) - (Sharecast News) - MJ Gleeson has furloughed three-quarters of its employees and cut pay for directors and senior managers after closing its building sites in response to the Covid-19 crisis.
The builder of first-time buyer homes in the Midlands and north of England said 456 employees representing 76% of its workforce would be laid off temporarily under the government's job retention scheme. The company will top up the pay of those affected to between 80% and 95% of salary.

All board members have taken a 30% pay cut and senior managers' salaries will be reduced by between 5% and 20%. The measures will last at least until the end of May when they will be reviewed.

Gleeson closed its construction sites and sales offices in March after the government told businesses to close to stop the spread of the coronavirus. It also cancelled its planned interim dividend and scrapped financial guidance for investors.

The company said after cutting costs it was concentrating on how to restart activity as soon as possible when permitted.

"We are keen to work with central government and local authorities to agree what provisions might be put in place to enable the safe resumption of building much-needed quality affordable homes as soon as it is practicable to do so." Gleeson said.

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