In an update on the measures the firm is taking to mitigate the effects of the virus, the housebuilder said that Tutte, due to step back to non-executive chairman from June 30, would postpone this until the company’s AGM.
An update from the firm read: “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 added that Tutte still intended to retire from the board ahead of 2021’s AGM.
Matthew Pratt, currently Chief Operating Officer, will become group chief executive from July 1, as previously announced.
And further to its announcement on April 9 on qualifying for the Bank of England's Covid Corporate Financing Facility, giving it a £300 million loan, Redrow said it had now secured an additional £100 million under its existing Revolving Credit Facility (RCF), bringing this to £350 million with the facility maturing at the end of December 2022.
