The John Lewis Partnership plans to shut down the housebuilding business it launched in 2020, blaming the higher cost of borrowing and building compared to when it first expanded into residential development, the BBC reports.
In doing so, it will terminate plans to build 1,000 homes across three sites, while pulling out of property management when current contracts end.
The BBC says the business will instead focus efforts on its retail brands, John Lewis and Waitrose.
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