Basil Read, which is fighting for survival after being forced into business rescue a year ago, says it has retrenched all staff who were not working on projects and will move out of its head office in Johannesburg to cut costs.

Basil Read and some other former stalwarts of the construction industry, including Group Five, have succumbed to a shortage of major projects amid a downturn in the SA economy and a deterioration of the country’s public finances...

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