Harworth plans £7.4 million annual savings, putting more jobs at risk

Harworth, the Rotherham-based property developer, disclosed a three-year plan to slash expenses and achieve at least £7.4 million in annual savings by 2028. The firm has already realised roughly £1.3 million of savings through job reductions earlier this year, but it did not specify how many positions were eliminated. Future cuts will focus on employee-related costs and wider overhead efficiencies, with projected savings of £3.2 million in 2026, £6.9 million in 2027, and £7.4 million in 2028, alongside a more than 20% drop in administrative expenses.

In a separate statement, Harworth reaffirmed its “unanimous and unequivocal” refusal of a £583 million takeover proposal from Peel Group, which owns about 30% of the company and offered 172.5 pence per share. The board argued the bid undervalues Harworth’s near- and longer-term prospects.