The headcount reduction represents 8% of Wates’ total directly-employed workforce.
The move follows a third of the workforce being furloughed at the beginning of April and a series of temporary pay cuts for staff across nearly all levels within the company. Only those on the lowest salaries and those continuing to work on live sites and projects are exempt from the pay cuts.
Wates chief executive David Allen said: “The coronavirus has changed our lives in ways that were unimaginable at the beginning of the year. While other sectors closed as a result of the lockdown, ours was asked by government to continue working and to adopt new operating procedures. I would like to pay tribute to all of my colleagues who have continued to perform a range of essential public services and who have kept our projects progressing safely. They have been extraordinary.
“By furloughing a third of our staff and implementing pay reductions nearly seven weeks ago, we acted quickly to protect our people’s jobs. However, we cannot escape the economic consequences of the pandemic. So, this week, we have begun a process through which we will reduce the number of staff we employ by approximately 300. In taking this difficult step, we will match the size of our business to our forecasted levels of activity, ensuring we continue to offer services of the highest quality and best value to our customers, and remain one of the most financially resilient and sustainable businesses in our sector.”