Vistry Group PLC Vistry Group signs Developer Pledge (5509H)
April 07 2022 - 2:01AM
UK Regulatory
TIDMVTY
RNS Number : 5509H
Vistry Group PLC
07 April 2022
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 GBP35m to GBP50m, in
addition to the Group's existing fire safety provision of GBP25.2m
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.
GBP1.5m to GBP3.0m p.a.
For further information please contact:
Vistry Group PLC 01675 437160
Earl Sibley, Chief Financial Officer 020 7250 1446
Susie Bell, Head of Investor Relations vistry@powerscourt-group.com
Powerscourt
Justin Griffiths, Nick Dibden, Victoria
Heslop
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