The business has also closed its show homes and sales centres, cancelled its dividend, and drawn down a revolving credit facility (RCF).
Despite no instruction from the government to close, the housebuilder will begin shutting down all construction sites today for all work except that needed to make the sites safe and secure.
The company also announced it has cancelled its final dividend for 2020 as well as the planned special dividend that was due to be paid in July.
The firm has said: “We remain an inherently cash generative business and will revisit the payment of dividends and the resumption of guidance when there is more certainty on the outlook.”
Alongside this, Taylor Wimpey has drawn down a previously unused RCF of £550m, resulting in a gross cash position of £807m and net cash of £165m as of today (24th March).
In a statement today, the company said: “We have operated the business with caution in recent years and have a well capitalised balance sheet and net cash position. Our large orderbook and quality long term landbank give us increased levels of resilience. As we enter a period of uncertainty that may last for several months, we have been putting contingency plans in place to respond to the likely potential changes in customer behaviour and reduced productivity.”
Source: Residential - propertyweek.com
