Loss-hit Donelon cuts jobs

Donelon Tyson has cut 70 jobs and announced a boardroom reshuffle as delayed results for 1993 showed a œ2.6 million loss.

The figures should have been out in May, but were held back while the company waited for œ3.5 million of contracts settlements.

And Crest Nicholson is cutting 120 jobs after construction losses accelerated to œ2 million in the six months to April (1992: œ255,000). The price tag for the redundancies is œ450,000, most of which will be taken in results for the second half of the financial year.

At Donelon Tyson, Brian Corfe - chairman and chief executive of the construction arm Tysons - has been made group managing director, and will serve alongside Sean Donelon, who continues as chairman of Donelon Tyson Plc.

The group is temporarily without a finance director, as Michael Alexander has announced his retirement to concentrate on his accountancy practice.

A replacement was being sought as CJ went to press, and the group is also expected to announce a number of appointments to the main board from its operating divisions, together with a second non-executive director.

At Crest Nicholson the group picture continues to improve despite the job losses. Losses of œ3.9 million last time have been turned into a œ3 million surplus as the housing arm began to fire on all cylinders. The homes division, active in the south-east and south-west, boosted profits to œ5.9 million from œ1.5 million. Commercial property losses were cut, and the company declared an interim dividend for the first time in four years.