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British housebuilder Redrow in talks with banks, BoE for financing

Reuters - UK Focus
·1-min read

LONDON, March 27 (Reuters) - Redrow, one of Britain's largest housebuilders, said it was in talks with six banks to secure additional credit and had applied to take part in the Bank of England's scheme for financing support as it shuts sites due to the coronavirus.

The company, which said it had a strong balance sheet, will also furlough a "significant proportion" of its staff so they secure funding from the government.

"These are unprecedented times," Executive Chairman John Tutte said. "The actions we have announced today will give us the flexibility to manage the business through this turbulent period to ensure we are ready to resume production when it is safe to do so". (Reporting by Kate Holton; Editing by Edmund Blairr)