Redrow agrees extra £100m in funding under RCF
Redrow
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16:40 19/04/24
Housebuilder Redrow said it agreed £100m in extra funding with six banks under its revolving credit facility, giving access to £350m maturing at the end of December 2022.
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The company added on Monday that chief executive John Tutte had agreed to delay his stepdown to non-executive chairman until the company's annual meeting in November from the original June 30 date, due to the impact of the coronavirus pandemic which has seen building sites closed under a government lockdown.
“John will support the senior management team to ensure an orderly return to operations when the business is satisfied it is safe to do so,” Redrow said, adding that Tutte still planned to retire from the board ahead of the annual meeting in 2021.