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Tuesday, December 02, 2008
Tuesday, December 02, 2008
Supplier Relationship News
Posted: Tuesday, July 01, 2008, 8:49AM
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Troubled Wimpey looks to suppliers for help
One of the UK's biggest construction companies is asking its suppliers to cut their prices, as stagnation in the property market takes it toll.The revelation comes as Taylor Wimpey, the UK's second largest house builder, confirmed that it intends to tap investors for extra capital in an effort to raise between £400 and £500 million.
"The board is now moving proactively to put in place an appropriate financial structure that will withstand what we expect will be a sustained weak market in the UK and provide a base for future growth," a statement from the company said.
The news will act as a wake-up call to an industry that is struggling more than most as the credit crunch continues to reek havoc.
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