DTZ takes UK action

DTZ is taking action to strengthen its development consulting and property management businesses in the UK. The global real estate services firm said the two businesses were the weakest performing of its UK interests, but it was taking “appropriate action” to strengthen its offering or make adjustments to reflect changing market conditions.

“While we do not expect to see immediate benefit in this financial year, we are confident these steps will underpin a sustainable performance improvement in the longer term,” DTZ said in an interim management statement.

It said it had a large exposure to the public sector through its development consultancy business and had been hit by government’s Comprehensive Spending Review. The group had decided to reduce its cost base as a result and restructure this business to best reflect market conditions and changing client requirements.

It had also taken steps to bolster its UK property management operation with the previously announced appointment of Catherine Vasseur as chief operating officer of this business. “DTZ is committed to ensuring the operation remains a market-leading service for clients while reaching its full performance potential for the group,” DTZ said.