{"id":501366,"date":"2024-06-25T13:20:55","date_gmt":"2024-06-25T12:20:55","guid":{"rendered":"https:\/\/www.constructionnews.co.uk\/?p=501366"},"modified":"2024-06-25T13:24:34","modified_gmt":"2024-06-25T12:24:34","slug":"bam-plans-40-job-cuts","status":"publish","type":"post","link":"https:\/\/www.constructionnews.co.uk\/financial\/bam-plans-40-job-cuts-25-06-2024\/","title":{"rendered":"Bam plans 40 job cuts"},"content":{"rendered":"<p>Bam is consulting on cutting 40 roles within its UK and Ireland construction division.<\/p>\n<p>The jobs at risk are in the firm\u2019s London and Northern teams, the contractor confirmed.<\/p>\n<p>A spokesperson said: \u201cLike all businesses we need to be flexible and adapt to current market conditions. Within the construction sector the market has been particularly challenging over the past couple of years. As a result of this we have started a consultation process about reducing staff numbers within the construction segment of Bam UK and Ireland Division.<\/p>\n<p>\u201cThis is not a decision we have taken lightly but these proposed changes will support us in further embedding our regional and divisional structures which have been implemented over recent years.\u201d<\/p>\n<p><a href=\"https:\/\/www.constructionnews.co.uk\/contractors\/bam-construct\/\">Bam<\/a> recently took a <a href=\"https:\/\/www.constructionnews.co.uk\/buildings\/bam-takes-co-op-live-loss-on-the-chin-15-05-2024\/\">financial hit on the troubled Co-op Live<\/a> arena in Manchester, the scheme\u2019s developer told the <em>Manchester Evening News. <\/em>Project costs ballooned by at least \u00a385m, he said, after the venue\u2019s opening night was delayed three times due to building issues.<\/p>\n<p>The new job cuts are Bam\u2019s second within a year. Last July, the\u00a0<a href=\"https:\/\/www.constructionnews.co.uk\/contractors\/bam-construct\/bam-to-cut-jobs-amid-realignment-18-07-2023\/\">contractor announced<\/a> a \u201csmall number of redundancies\u201d resulting from a shakeup of its regional construction businesses.<\/p>\n<p>Bam is one of the UK\u2019s biggest contractors, ranking seventh in <em>Construction News\u2019 <\/em>annual <a href=\"https:\/\/www.constructionnews.co.uk\/financial\/cn100-2023-back-in-the-driving-seat-21-09-2023\/\">table of the UK<em>\u2019<\/em>s top 100 construction firms<\/a>.<\/p>\n<p>Bam\u2019s UK construction arm, where the job cuts are taking place, <a href=\"https:\/\/www.constructionnews.co.uk\/contractors\/bam-construct\/bams-uk-construction-business-slips-into-the-red-15-02-2024\/\">reported a loss<\/a> of \u00a0\u20ac14.8m (\u00a312.5m), adjusted for earnings before interest, taxes, depreciation and amortisation (EBITDA), in unaudited accounts in February.<\/p>\n<p>Chief executive of parent company Royal Bam, Ruud Joosten, attributed the hit to \u201csupply chain issues and cost overruns at a large project\u201d.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bam is consulting on cutting 40 roles within its UK and Ireland construction division. The jobs at risk are in the firm\u2019s London and Northern teams, the contractor confirmed. A spokesperson said: \u201cLike all businesses we need to be flexible and adapt to current market conditions. Within the construction sector the market has been particularly &#8230;<\/p>\n","protected":false},"author":141524,"featured_media":501371,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ep_exclude_from_search":false,"footnotes":""},"categories":[552,528],"tags":[],"class_list":["post-501366","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial","category-bam-construct"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.7 (Yoast SEO v26.7) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bam plans 40 job cuts | Construction News<\/title>\n<meta name=\"description\" content=\"Bam is consulting on cutting 40 roles within its UK and Ireland construction division. 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