LONDON (ShareCast) - Property developer Quintain Estates is to suspend dividend payments for up to two years and said it will reduce staff, as it seeks to protect itself against further declines in the property market.

At Wembley, where Quintain is developing homes, shopping centres and leisure properties around the national football stadium, overheads will be reduced by cutting the number of staff to 13 from 29.

In addition to withholding dividends, the group will continue disposing of assets and seek to secure more equity investment at its Wembley development.

“Conditions continue to prove challenging and are likely to remain so throughout the financial year,” chief executive Adrian Wyatt said.

“Quintain's business model provides important diversification that is of particular value in these markets and the financial and operational fundamentals of the business remain unchanged.”

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