Covid update boosts Redrow

FTSE 250 housebuilder Redrow (LON:RDW) saw its shares bounce 8.05% to 437.40p (as of 14:00 BST) after it confirmed that it had been deemed eligible for a £300 million Covid Corporate Financing Facility. The CCFF is currently undrawn and negotiations are ongoing for an additional £100 million headroom in the firm’s rotating credit facilities. The company said that around 80% of its workforce was currently on furlough and that the directorate had taken a 20% pay cut.

Executive Chairman John Tutte commented: “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“.