In its preliminary results for the year ended 31st July 2023, released today, Bellway revealed it had allocated a structural defects provision of £30.5m in relation to an isolated design defect.
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The firm stated that it intends to seek recoveries from the entities involved in the development of the Greenwich apartment scheme, however, these have not yet been recognised as an asset.
The housebuilder is also carrying out a review of other buildings constructed by or on behalf of Bellway, where the same third parties responsible for the design of the frame in the Greenwich development have been involved.
As of today (17th October), no other similar design issues with reinforced concrete frames have been identified.
In total for the year, Bellway has set aside a net adjusting charge of £49.6m in relation to legacy building safety improvements.