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Troubled construction and services firm Kier has said it will cut 1,200 jobs to help make cost savings of £55m a year from 2021. The company will sell its homebuilding business, Kier Living, and will shut or sell other interests, including its recycling and rubbish processing units. Kier said it would focus on businesses including construction and road maintenance. Shares in the company have fallen by more than 85% in the past year. The shares fell a further 9% in early trading on Monday, to about 119p. "These actions are focused on resetting the operational structure of Kier, simplifying the portfolio, and emphasising cash generation in order to structurally reduce debt," said chief executive Andrew Davies. Full story

17 June