Housebuilder Redrow has been approved for £300m in Covid-19 support finance and is in talks regarding a further £100m in an existing RCF.
It said it has been confirmed as an eligible issuer for the Covid Corporate Financing Facility with a limit of £300m.
Redrow is also negotiating an additional £100m in headroom under its existing revolving credit facility with six banks.
It expects to secure the increase from £250m to £350m before the end of the month.
The housebuilder has furloughed 80% of workforce and board members and directors have agreed a 20% pay cut for the duration of the crisis.
Executive chairman John Tutte said: “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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