One of the UK's leading housebuilders, Redrow, has confirmed it will recommence construction work at its sites next month.
The Flintshire headquartered and London Stock Exchange listed firm announced the closure of its sites on March 27th.
Now, following UK and Welsh government guidance on construction sites being able to operate, providing they can do so safely with stringent social distancing measures in place, Redrow said it is now satisfied these conditions can be met over the next two weeks.
As a result it intends to commence mobilising sites on May 11th with a phased return to construction on May 18th.
It said that mobilisation will include putting robust social distancing protocols and physical measures in place.
Redrow's executive chairman, John Tutte, said: "The safety and welfare of our workforce and customers is our main priority. I am grateful to my colleagues and our supply chain partners for the exceptional work they continue to undertake to ensure we can make a measured, responsible and safe return to work next month."
This month the business generated £62m of cash from legal completions. In addition, as part of measures to protect its cash flow, a number of land payments have been successfully deferred into 2021 and later.
As a result, Redrow said that net debt at the end of June is now expected to be £200m.
It recently extended its revolving credit facility to £350m and it has been accepted as an issuer under the UK Government's Coronavirus Corporate Financing Facility with an issuer limit of £300m.
It has a order book of over £1.3bn, of which £900m is contracted.
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