Barratt signs Self-Remediation Terms and Contract

RNS Number : 7921S

Barratt Developments PLC

13 March 2023

 

 

13 March 2023

Barratt Developments PLC

Signing of the Self-Remediation Terms and Contract

Barratt Developments PLC confirms that it has today signed the Self-Remediation Terms and Contract, in line with DLUHC's deadline of 13 March 2023.

The Self-Remediation Terms and Deed of Bilateral Contract incorporates into a contractual arrangement the commitments made by housebuilders under the Building Safety Pledge, to which the Group became a signatory on 6 April 2022.

Barratt has always been clear that we do not believe leaseholders should pay for necessary remediation of life critical fire safety issues with their homes. We have been working to remediate historic developments for a number of years now and last spring we were one of the first companies to sign the Building Safety Pledge. Our dedicated Building Safety Unit is managing our ongoing building safety remediation programme, which we anticipate will be delivered over the next three to five years, with safety informing the prioritisation of works.

The current provision of £427.2m as at 31 December 2022 (30 June 2022: £434.6m) reflects our current best estimate of the extent and future costs of remediation work required. However, we will continue to review these estimates as we have further experience of completing the remediation of the buildings within our portfolio.

Further details on our approach to building safety can be viewed on our website at: https://www.barrattdevelopments.co.uk/about-us/our-approach-to-building-safety .

For further information, please contact:

Barratt Developments PLC:

Analyst / investor enquiries

Mike Scott, Chief Financial Officer    07881 327 748

John Messenger, Group Investor Relations Director                   07867 201 763

Media enquiries

Tim Collins, Group Corporate Affairs Director             020 7299 4874

Brunswick

Jonathan Glass / Rosie Oddy     020 7404 5959

Barratt Developments PLC LEI: 2138006R85VEOF5YNK29

 

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