Another real estate giant in trouble. Bouygues Immobilier, a subsidiary of the Bouygues group, wishes to eliminate 225 positions through a social plan, the company announced on Monday, put in financial difficulty by the crisis affecting its sector.
“The company must therefore continue its necessary adaptation to the potential of its market, as well as its order book and portfolio of operations, with the priority objective: preparing for the future in a world undergoing profound change,” explains Bouygues Immobilier. in a press release.
“The tighter organization should make it possible to agilely address the developments necessary to meet the demands of tomorrow's real estate market,” adds the company to justify its decision. Bouygues Immobilier is the third major developer to announce a social plan, after Nexity and Vinci Immobilier, earlier this year.
A loss of seven million euros
Developers and builders are caught between rising construction costs, caused by material tariffs and stricter environmental regulations, and the collapse in demand, caused by difficulties in accessing credit and the phasing out tax incentive schemes.
In 2023, Bouygues Immobilier suffered a net loss of 7 million euros (compared to a profit of 18 million in 2022), for an income of 1.7 billion euros, down 14.5% compared to the previous financial year.
This job protection plan “will be the subject of negotiations in the coming weeks with the social partners”, underlines the company, ensuring that “volunteering and internal reclassification” will be favored.