Key facts
- Vistry will focus on building 12,000 homes annually.
- The company aims for a 30% return on capital employed by 2031.
- Vistry received a 350 million pound grant for affordable housing.
UK housebuilder Vistry is scaling back its ambitions, planning to build 12,000 homes annually, down from over 20,000, as part of a strategic review. The company's new chief executive, Adam Daniels, aims to improve execution and focus on the north of England. The previous strategy, led by former executive chair Greg Fitzgerald, involved a 'capital light' approach and a target of 20,000 homes a year, but suffered from poor execution and overpaying for land. Vistry's share price has fallen significantly from its peak. Despite its financial challenges, Vistry has received a 350 million pound grant from the government for affordable housing projects.