Embattled housebuilder Vistry has ousted a top executive as it reels from an accounting blunder. The developer yesterday axed the chief operating officer role to ‘ensure closer proximity of the chief executive to the business’. But the move is unlikely to reassure investors who are concerned about boss Greg Fitzgerald’s powerful role of executive chairman –effectively holding the job of …
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Vistry Group shares plummeted on Tuesday and the firm warned of a £115million hit to profits due to higher-than-projected build costs. It revealed it had 'recently become aware' that total full-life cost estimates for nine developments in its south division, including a few large-scale schemes, had been understated by around 10 per cent. Vistry: The housebuilder was the biggest FTSE …
