Taylor Wimpey set for more woe
Taylor Wimpey will issue a grim trading statement this week, revealing an alarming drop in sales at a time when it needs all the cash it can muster to survive.
The firm, struggling under the weight of a £2bn debt mountain, will say that increased incentives to persuade buyers to commit to one of its homes have significantly reduced margins at a time when sale volumes have plunged.
Sales and house prices have weakened further since the company, led by chief executive Peter Redfearn, last gave the City an update in August.
Taylor Wimpey was worth £4.3bn midway through last year but it is now valued at just £142m. The firm is willing to sell off large chunks of its land bank as it struggles to meet its onerous bank obligations.