Ibstock to spend £10m on cost-cutting programme as covid sends firm into the red

By Dave Rogers2020-08-06T09:08:00

Source: Shutterstock

Brickmaker plunges to £52m pre-tax loss

Ibstock has confirmed it is cutting up to 375 jobs after the covid-19 lockdown sent the firm nosediving to a £52m pre-tax loss in the first half of this year.

The brickmaker said it would close or mothball three clay manufacturing plants under the restructuring which will cost the firm £10m this year. It said the move will save it £20m a year from 2021.

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