Vinci doubles UK ops with £74m Taywood acquisition

Building magazine reported the purchase, completed on Tuesday, which effectively ends Taylor Wimpey's involvement in British contracting.

Vinci said Taywood will remain in one piece following the acquisition and there would be no office closures. However, a Vinci spokesman could not confirm that there would be no job losses. He added: 'They are complementary businesses. The only difference is that Taylor Woodrow will report to Vinci.'

The news was greeted with relief by many Taywood employees who had feared for their futures after the housing downturn forced Taylor Wimpey £1.5bn into the red. 'It's bloody great news,' one senior employee told Building. 'It allows us to concentrate on construction, so we feel like we've had the shackles taken off. The message is we'll be left alone, provided we carry on making a profit - it's music to our ears.'