Property developer Harworth Group has announced new cost-cutting measures aimed at reducing employee-related expenses, which could result in more job losses. As part of a three-year strategy to transform into a "simpler, lower cost" business, the company plans to achieve annual savings of at least £7.4 million by the end of 2028. These efforts are intended to streamline operations and improve financial stability. So far, Harworth has already secured approximately £1.3 million in savings through job cuts earlier this year, though the exact number of affected employees was not disclosed. The broader cost-saving plan includes reducing overhead costs and simplifying the company's operating structure and delivery methods. The savings are expected to increase each year, reaching £3.2 million in 2026, £6.9 million in 2027, and the target £7.4 million in 2028. In addition to these cost-cutting measures, Harworth has reaffirmed its decision to reject a £583 million takeover offer from infrastructure firm Peel Group. Peel Group, which already owns nearly 30% of Harworth, had made the bid in August at 172.5 pence per share. Harworth described the offer as "fundamentally undervaluing" the company and its future potential, indicating that it believes its own strategic direction holds greater value. The company's focus on reducing costs and maintaining control over its operations suggests a commitment to long-term restructuring. While these moves may lead to short-term challenges, including job losses, Harworth appears determined to pursue its vision of a more efficient and financially stable business model.