The Aporia · More jobs at risk as property developer Harworth targets further cost cuts

More jobs at risk as property developer Harworth targets further cost cuts

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Saker-Clark, H. (2026, September 15). More jobs at risk as property developer Harworth targets further cost cuts. Evening Standard. https://www.standard.co.uk/business/business-news/rotherham-press-association-b1297056.html

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Quick Summary

Property developer Harworth plans to cut costs by at least £7.4 million annually over three years, threatening more job losses following earlier cuts that saved £1.3 million. The company did not specify the number of jobs affected but indicated further reductions in employee-related expenses will occur. Additionally, Harworth rejected a £583 million takeover offer from Peel Group, stating the bid undervalues the company.

Written by AI on 2026-09-16, from this article's own text only (the story summary below draws on all the coverage).

AI analysis

Story summary

Property developer Harworth, based in Rotherham, is implementing cost-cutting measures aimed at saving about £7.4 million annually over the next three years. The company has already achieved approximately £1.3 million in savings through job cuts earlier this year but did not specify the number of positions affected. Harworth plans to further reduce costs by focusing on employee-related expenses, suggesting that additional jobs are at risk. The firm also aims to simplify its operating model and cut overheads without disclosing specific details about future layoffs. Meanwhile, Harworth continues to reject a £583 million takeover bid from infrastructure company Peel Group, which owns nearly 30% of Harworth's shares and offered 172.5 pence per share in August.

Written for “Property Developer Cutting Costs” on 2026-11-01, grounded in this article and the 0 other(s) covering the same event.

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Who wrote this

Henry Saker-Clark

92 article(s) here · 1 carrying a prediction

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Narrative

Claims (14 extracted, 0 hedged)

More jobs at risk as property developer Harworth targets further cost cuts asserted

Harworth → target → cuts

More jobs are at risk at property developer Harworth after it disclosed plans to slash costs amid efforts to save about £7.4 million a year. asserted

it → disclose → million

The Rotherham-based company is also continuing to reject a £583 million takeover offer from infrastructure firm Peel Group. asserted

company → base → Group

Harworth told investors that it planned to cut costs sharply over the next three years in order to become a “simpler, lower cost” operation. asserted

it → tell → order

It expects to secure annual savings of at least £7.4 million a year by the end of 2028. asserted

It → expect → 2028

The group said about £1.3 million of these savings had already been secured through job cuts earlier this year. asserted

million → say → cuts

Harworth did not disclose how many roles were affected. asserted

roles → disclose → ?

The cost savings are to largely come from “reductions in employee-related costs”, indicating that more jobs will be affected. asserted

jobs → come → costs

It said the company would also seek broader “overhead efficiencies” and simplify its operating platform and delivery model to secure more savings. asserted

company → say → savings

The programme is expected secure annual savings of £3.2 million for 2026, £6.9 million in 2027 and £7.4 million in 2028, the company said. asserted

company → expect → 2028

It expects to reduce its administrative expenses by more than a fifth as a result. asserted

It → expect → result

On Tuesday, Harworth also reaffirmed its “unanimous and unequivocal” rejection of the takeover offer from Doncaster Sheffield Airport owner Peel. asserted

Harworth → reaffirm → Peel

Peel, which owns almost 30% of Harworth, made the £583 million bid to take the business private in August, offering shareholders 172.5 pence per share. asserted

which → own → share

However, the group said the offer “fundamentally undervalues Harworth and its near and longer-term prospects”. asserted

offer → say → Harworth

More jobs at risk as property developer Harworth targets further cost cuts

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Claims (14 extracted, 0 hedged)