Redrow has been granted £100m of additional funding under its existing revolving credit facility in an attempt to mitigate the impact of Covid-19 disruption on the business.
The housebuilder’s six banks agreed to the extra funds, which mature at the end of December 2022. Redrow now has £350m of committed facilities.
Executive chairman John Tutte also announced he will delay his step back to non-executive chairman until the company’s AGM in November, owing to the “unprecedented impact of Covid-19 on the business and the housebuilding industry”.
Tutte will retire from the board ahead of the AGM in 2021 and Matthew Pratt will take up the position of chief executive on 1 July.
The housebuilder was approved for £300m of Covid-19 support finance earlier this month. It has furloughed 80% of its workforce, and board members and directors have taken a 20% pay cut for the duration of the crisis.
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