Bovis Homes

LONDON — The chairman of a major UK house builder which reportedly moved customers into unfinished homes with missing windows and unlaid patios admitted on Tuesday: “We got it wrong.”

The Times reported that Ian Tyler, chairman of Bovis Homes, said at the builder’s annual meeting: “We got to the point of essentially building things that were easy to build, rather than the sequence they should have been built in.”

He also said the firm used sub-contractors that “may not have been of the highest quality.”

It was reported in January that Bovis had offered customers up to £3,000 to move into unfinished new-build homes in order to reach its shareholder target of completing 4,130 homes by the end of the financial year.

Disgruntled customers who joined a Facebook group called “Bovis Homes Victims Group” reported issues including missing windows, holes in ceilings, unlaid gardens and patios, and workmen in the house. The firm has set aside £7 million for remedial work and claims related to the episode.

It reported in February that its annual pre-tax profits fell by 3% to £154.7 million.

Shares in the FTSE 250-listed firm were down over 1% on early morning trading on Tuesday, trading at £9.34 at 9.50 a.m. BST (4.50 a.m. ET).

Here is the chart:

Bovis Homes

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