Monday, December 20, 2010
Persimmon’s chief exec cautiously optimistic.
Farley remembers exactly where he was when he realised his industry had hit its biggest slump in a generation. â€œIt was 10am at the start of week 14 in 2008,â€ he says. At the time, he was sitting at his desk on Monday morning, reading the weekly sales figures as he always does. But this time it was hard to believe what he was seeing. â€œSales had fallen off a cliff,â€ he recalls. â€œThey were down 30 to 40 per cent. I had never seen that sort of decline before. Normally sales fluctuate a few percentage points week on week. Also, when you do see a fall, it is centred on a particular region for whatever reason. But this was right across the board. Banks had run out of cash and had simply stopped lending.â€