Harworth sets out £7.4m in cost cuts to fend off Peel

15th Sep 2026 07:55

(Sharecast News) - Land and property regeneration specialist Harworth on Tuesday set out £7.4m of planned cost cuts as it resists Peel's unsolicited takeover bid, aiming to create a simpler, lower‑cost platform focused on powered land and data centres.

The group said £1.3m of savings have already been delivered through job losses, with 94% of the programme due by end‑2027.

Based on £36.3m of administrative expenses to December 2025, the measures represent a 20.4% reduction in overheads.

Harworth's board reiterated its unanimous rejection of Peel's offer, saying it fundamentally undervalues the company's prospects.

Peel Pepper, a subsidiary of Peel Holdings, made its unsolicited offer in August, valuing Harworth at approximately £582.9m.

Reporting by Frank Prenesti for Sharecast.com