Source - SMW
Construction company Kier paused plans to sell its housebuilding business, Kier Living, and said it would slash salaries by up to a quarter amid the ongoing Covid-19 pandemic.

'The process to dispose of Kier Living and the evaluation of the options for our property business have both been paused,' the company said, adding that it would also halt all work on its Kier Living sites by 1 April.

In an effort to preserve cash, the company These include about 6,500 employees,  including the executive committee, and the board were taking a reduction of between 7.5% and 25% in their base salaries or fees for a three-month period beginning on 1 April, the company said.

Kier also said it would be bringing forward the closure of its head office at Tempsford Hall to 30 April 2020.

Trading from 1 January 2020 to date had been in line with the board's expectations., with approximately 80% of its sites or workplaces continuing to operate. 

At 10:20am: (LON:KIE) Kier Group PLC share price was -0.15p at 77.45p

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