Left Menu
Development News Edition

Britain's Redrow gets approved for BoE's financing scheme, furloughs 80% workforce

Reuters | London | Updated: 09-04-2020 13:32 IST | Created: 09-04-2020 13:06 IST
Britain's Redrow gets approved for BoE's financing scheme, furloughs 80% workforce
Representative Image Image Credit: Pixabay

Redrow was the first of Britain's big housebuilders to say it had been approved for the Bank of England's coronavirus emergency financing scheme on Thursday, adding that it had put 80% of its workforce on government-sponsored furloughs.

The company said it would have access to 300 million pounds ($371.61 million) in funding under the scheme(CCFF) and that talks with six banks to secure additional 100 million pounds were progressing well. "The additional bank facilities remove any lingering fears that the group would look to raise fresh equity," Peel Hunt analysts said.

Shares of Redrow rose 9% at the open to 440.8 pence at 0706 GMT. As governments restrict public transport due to the virus outbreak, construction sites have shut to prevent workers from traveling in confined spaces and gathering in large groups.

"The positive progress we have made on securing additional banking facilities means we can now finalize plans for our valued workforce and supply chain," Executive Chairman John Tutte said. The company said its board and senior directors had volunteered to take a 20% cut in salary.

($1 = 0.8073 pounds)


TRENDING

OPINION / BLOG / INTERVIEW

In rebuking FBR, Pakistan’s courts take a stand for public health

The system, if implemented effectively, will allow Pakistans revenue service to combat the illicit trade in tobacco products and potentially add hundreds of millions of dollars to the states budget each year. ...

Dissecting how COVID-19 is catalyzing the trajectory of New World Order

The ensuing pandemic of COVID-19 has hit the globalization in two ways firstly, shrinking the importance of globalization as an economic force by curtailing mobility through worldwide lockdowns, and secondly, rejuvenating the idea of indig...

Domestic seafood trade in focus as COVID-19 changes market dynamics

As predicted earlier in a report titled Seafood industry post-COVID 19 An overhaul to trigger the growth of small fisheries, one of the changes going ahead would be increased focus on domestic seafood trade, driven by falling exports and su...

Migration post-COVID 19: Taking cues from the past to rebuild economies

Migrants are an irreplaceable part of even the essential workforce of developed countries and are on the frontline in the fight against the crisis, making an immeasurable contribution to saving the lives of natives with voting rights....

Videos

Latest News

You've brought me endless joy: Priyanka, Nick on second anniversary of first date

Actor Priyanka Chopra Jonas and her husband, American singer Nick Jonas, are reminiscing about their first date two years ago as they say that getting together with each other has been an incredible blessing. Priyanka, 37, and Nick, 27, ti...

Hydroxychloroquine-azithromycin combo may be potentially lethal: Study

Hydroxychloroquine and azithromycin, which have been proposed for treatment of COVID-19 patients, are a potentially lethal combination and may have a serious impact on the cardiovascular system, according to a study. The researchers, includ...

Israel taps local firm IDE in desalination tender over Hong Kong rival

Israel on Tuesday chose local company IDE Technologies over a Chinese-linked rival to build the countrys largest desalination plant to help battle water shortages that could arise from climate change. The project, to be financed by a consor...

Spain calls for common EU on cross-border movement as coronavirus lockdowns ease

Spain on Tuesday urged its European Union partners to set up common rules to open borders and reestablish the freedom of travel Schengen Area as different national coronavirus lockdowns are phased out. We have to work with our European part...

Give Feedback