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Persimmon sets aside £75m for cladding remediation on its buildings
One of the country’s largest builders, Persimmon, has earmarked £75m to pay for the removal of dangerous cladding on dozens of blocks it constructed.
The major house builder identified 26 buildings where remediation may be necessary and vowed to foot the bill where the freeholder fails to step in. Of the towers identified, nine are high-rise buildings and 17 are below 18m.
This morning’s announcement comes ahead of a parliamentary address from housing secretary Robert Jenrick in which he is expected to announce £5bn of funding government funds to remove dangerous cladding.
Persimmon said it will lead on works where it is the building owner and added: “Where the group no longer owns the building, it will support the owners and other parties in their efforts to ensure the buildings are safe for residents.”
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The developer said it is in the process of writing to building owners and management companies to inform them of the findings of its review and to agree next steps.
Roger Devlin, chair of Persimmon, said: “The concern around now banned cladding is affecting many thousands of homeowners who live in high-rise buildings right across the country.
“At Persimmon we believe we have a clear duty to act to address this issue. So today we are setting aside £75m towards any necessary cladding remediation and safety work in 26 developments we built. Where we still own the building, we will act.
“Where we no longer own them, we will work with the owners to make sure they meet their legal responsibilities and duty. If the owner does not step up, then we will act to remove uncertainty and anxiety for residents and make the buildings safe.
“This is a decision which we believe is not only right for residents but also the right thing for us to do as one of the leading house builders in the UK. We want Persimmon to be a business with a long-term, responsible and sustainable future, and hope our actions today demonstrate a clear commitment to these values.”
Persimmon’s most recent trading update from January shows the group’s revenues at £3.33bn in the year ending 31 December 2020.
