LONDON (dpa-AFX) - Redrow Plc (RDW.L) said, the Board has now decided to commence with immediate effect, an orderly and safe closure of all of the company's sites and offices. The company's supply chain has been significantly impacted in recent days due to the rapidly evolving COVID-19 situation.
Redrow Plc stated that it has a strong balance sheet with total net assets of approximately 1.6 billion pounds. However, the company has commenced discussions with its syndicate of six banks in respect of additional committed banking facilities over and above the current 250 million pounds revolving credit facility. The company has also submitted an application to the Bank of England for eligibility for the Government's COVID-19 Corporate Financing Facility.
The Group will immediately commence 'furloughing' a significant proportion of its employees under the Government's Job Retention Scheme.
Copyright RTT News/dpa-AFX