Vistry Group signs Developer PledgeSource: RNS
7 April 2022
Vistry Group PLC ("the Group") signs UK Government's Developer Pledge
No change to expected costs of remediation
Vistry Group strongly believes that the cost of remediation of fire safety issues should not be borne by leaseholders and supports the Government's ambition to deliver a lasting industry solution.
We are pleased to announce that the Group has signed the Department for Levelling Up, Housing and Communities Developer Pledge ("the Pledge") which sets out our commitment to address life-critical fire-safety issues on all buildings of 11 metres and above in England developed by the Group in the 30 years prior to 5 April 2022. As part of the Pledge, the Group will also not claim any funds from the Government's Building Safety Fund and will reimburse any amounts already disbursed by the Fund.
Our estimate of the potential costs of fire safety work arising from the Group's commitment to the Pledge remains consistent with the detail provided in our full year results announcement on 2 March 2022. We continue to expect that the implied further remediation costs will be in the range of £35m to £50m, in addition to the Group's existing fire safety provision of £25.2m as at 31 December 2021. We are increasing our dedicated resource to effectively manage these remediation works and expect this to result in an increase to Group administrative expenses of c. £1.5m to £3.0m p.a.
For further information please contact:
Vistry Group PLC
Earl Sibley, Chief Financial Officer
Susie Bell, Head of Investor Relations
Justin Griffiths, Nick Dibden, Victoria Heslop
020 7250 1446