Barratt signs Self-Remediation Terms and ContractSource: RNS
13 March 2023
Barratt Developments PLC
Signing of the Self-Remediation Terms and Contract
Barratt Developments PLC confirms that it has today signed the Self-Remediation Terms and Contract, in line with DLUHC's deadline of 13 March 2023.
The Self-Remediation Terms and Deed of Bilateral Contract incorporates into a contractual arrangement the commitments made by housebuilders under the Building Safety Pledge, to which the Group became a signatory on 6 April 2022.
Barratt has always been clear that we do not believe leaseholders should pay for necessary remediation of life critical fire safety issues with their homes. We have been working to remediate historic developments for a number of years now and last spring we were one of the first companies to sign the Building Safety Pledge. Our dedicated Building Safety Unit is managing our ongoing building safety remediation programme, which we anticipate will be delivered over the next three to five years, with safety informing the prioritisation of works.
The current provision of £427.2m as at 31 December 2022 (30 June 2022: £434.6m) reflects our current best estimate of the extent and future costs of remediation work required. However, we will continue to review these estimates as we have further experience of completing the remediation of the buildings within our portfolio.
Further details on our approach to building safety can be viewed on our website at: https://www.barrattdevelopments.co.uk/about-us/our-approach-to-building-safety.
For further information, please contact:
Barratt Developments PLC:
Analyst / investor enquiries
Mike Scott, Chief Financial Officer 07881 327 748
John Messenger, Group Investor Relations Director 07867 201 763
Tim Collins, Group Corporate Affairs Director 020 7299 4874
Jonathan Glass / Rosie Oddy 020 7404 5959
Barratt Developments PLC LEI: 2138006R85VEOF5YNK29