Redrow agrees £300m Covid Corporate Financing Facility

Aaron Morby 2 months ago
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House builder Redrow has become one of the first industry business to secure extra funding under the Government’s Covid Corporate Financing Facility.

For the industry, it represents a landmark deal because the scheme is only open to firms that are seen as making a material contribution to the UK economy

Redrow will now have access to an extra £300m of banking facilities, which are currently undrawn.

The Government’s Covid Corporate Financing Facility is open to large firms that can demonstrate they were in sound financial health prior to the coronavirus shock.

It was set up to help businesses across a range of sectors to pay wages and suppliers, while experiencing severe disruption to cashflows.

The scheme will operate for at least 12 months and for as long as steps are needed to relieve cash flow pressures.

Last week Redrow revealed 80% of its workforce had been furloughed under the Government’s Job Retention Scheme.

John Tutte, executive chairman, 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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