Housebuilder Vistry expects £40 million profit hit, 200 job losses, from closure of private housing arm

Housebuilder Vistry today revealed it expects a £40 million hit to its profits and the loss of 200 jobs as it shuts down its struggling private housebuilding arm to focus solely on affordable housing partnerships.

The FTSE 250 firm revealed plans to close down its private housebuilding arm last month, which was hit by skyrocketing interest rates.  It will merge the legacy Vistry and Countryside businesses into one segment and end private housing sales, which brought in £1.4 billion in first-half revenue.