LONDON (dpa-AFX) - U.K. homebuilder Redrow (RDW.L) said that John Tutte has agreed to delay the step back to non-executive Chairman from 30th June until the company's AGM in November 2020, as a consequence of the impact of COVID-19 on the business and the housebuilding industry.
The company noted that 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.
However, John still plans to retire from the Board ahead of the AGM in 2021. As previously announced, Matthew Pratt will take up the position of Group Chief Executive with effect from 1st July 2020.
Redrow has also now successfully concluded negotiations with its six relationship banks regarding request for 100 million additional funding under its existing Revolving Credit Facility.
On 9 April, Redrow had been confirmed as an eligible issuer for the Covid Corporate Financing Facility with an issuer limit of 300 million pounds.
The company said today that it now has 350 million pounds of committed facilities under the RCF which matures at the end of December 2022.
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