Housebuilder Redrow will pay back the money it received under the government’s furloughing scheme.
In a trading update ahead of its annual results in September, the company said: “Given the business’s resilient cash flow, the group has decided not to utilise the government’s job retention scheme and is in the process of returning all payments received under the scheme.”
Redrow announced in April that it was furloughing 80% of its staff.
The company also said it is “unlikely” to draw on the government’s Covid Corporate Financing Facility due to “a timely return to work and the effectiveness of measures taken to protect its cash flow”.
Redrow expects annual revenue to stand at about £1.34bn compared with £2.11bn a year earlier. Its order book is at a record high of £1.42bn.
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