Sources close to the talks between the housebuilder and its lenders say accounting hold-ups are behind latest delay
Taylor Wimpey is unlikely to sign a rescue deal with lenders before March, according to sources close to the debt talks between the housebuilder and its lenders.
It had been thought that the company would reach a restructuring agreement on its £1.55bn debt pile by the end of February, after the date was mentioned by chief executive Pete Redfern in a leaked email to staff before Christmas.
Sources close to the talks confirmed the date had slipped due to delays in pulling financial projections together but said there was nothing sinister behind the hold-up.
They said: "The banks met last week and they are waiting for new sales, profit and cash figures, which will only come next week. This is purely a case of due diligence grinding along but it will now be a March signing."
Taylor Wimpey has until 31 March to reach an agreement, which is the date on which a deferral period for a covenant test comes to an end.
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