Construction News

Sun May 31 2020

Related Information

Redrow furloughs 80%

9 Apr National house-builder Redrow has furloughed 80% of its workforce and is on course to secure financial backing to get through the crisis.

Approximately 1,800 Redrow employees have been furloughed under the government's coronavirus job retention scheme.

On 27th March the board and senior directors volunteered to take a 20% cut in salary for the duration of the crisis. Since then, the wider directorate in the business have also volunteered to take a salary cut of 20%.

The company has also made progress in securing additional committed banking facilities, having been confirmed as an eligible issuer for the Covid corporate financing facility (CCFF) and is in talks with banks to increase its revolving credit facility (RCF) from £250m to £350m.

Executive chairman John Tutte said: "The response from colleagues and customers during these unparalleled times has been magnificent and I am grateful for their continuing support and understanding. The positive progress we have made on securing additional banking facilities means we can now finalise plans for our valued workforce and supply chain, to make an orderly return to work when we are advised it is safe to do so."

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