Vistry launches voluntary exit scheme for employees

Vistry has launched a voluntary exit scheme (VES) for its 4,500 employees, giving them the option to apply to leave the business on enhanced terms. 

It has not been confirmed what the enhanced terms or additional support include. 

The business has recently faced a profit warning and a sharp drop in share price. 

Vistry stated last month that its first half profit for the six months to 30th June would be “significantly lower” than last year, pointing to discounting market homes to drive sales, delaying some sites and matching build rates to sales rates as part of its cash generation strategy. 

Adam Daniels, CEO at Vistry, said: “We are introducing the VES to provide an opportunity for colleagues who feel their future may lie outside Vistry to apply to leave the business on enhanced terms. 

“We recognise that, for some, personal and financial commitments can make it difficult to take that step, even where there is uncertainty about their longer-term alignment with Vistry and our goals. 

“The VES is intended to provide additional support in those circumstances and more broadly for colleagues that their future may lie outside Vistry.”

A spokesperson from Vistry, said: “We have made it clear that we are prioritising cash generation and are taking decisive steps to reduce debt levels.