A manufacturing firm which makes stairs for new homes is axing jobs at its West Midlands base as the housing slump hits businesses in the region.
Stairways Midlands, in Bescot Crescent, Walsall, has been hit hard by the crash in the housing market and more than 20 employees have been made redundant, it was revealed today.
Company chiefs would not comment but said they would release a statement today.
A spokesman did, however, confirm just over 20 jobs had been lost because of the knock-on effect of the housing crash.
A worker, who did not want to be named, today said that staff levels had been cut in half and said those remaining at the firm were set to work fewer hours. He said: “We knew the business was struggling in the current climate so it did not really come as a surprise.”
Stairways Midlands began manufacturing carpentry and joinery products in 1989 in Bridgewater, Somerset. It moved from Cannock’s Hollies Business Park to Walsall in 2005.
Over the years the firm experienced “phenomenal” growth, according to its website, as the housing market took off. But the credit crunch is now having a knock-on effect on companies across the country.
Keith Stanley, of the Black Country Chamber of Commerce, said a number of industries were struggling and in some cases job cuts could not be avoided.
Housebuilders have been hit hard by the credit crunch as the mortgage drought has meant homebuyers have been unable to secure the finance they need, while property price falls have put people off buying a home.
Meanwhile, it emerged today that housebuilder Persimmon is expected to announce tomorrow that it is cutting up to 1,000 jobs, as the worsening state of the housing market continues to tighten its grip.
It will mean more than 3,000 jobs axed in the industry in a single week.
Share this article:
What are these?