Housebuilder Redrow has put 80% of its workforce on furlough and been given access to £300 million under the UK Government's Covid Corporate Financing Facility.
It also announced today it is in negotiations with its banks to raise its existing credit facilities by £100 million to £350 million.
The company's directors have agreed to take a 20% cut in salary for the duration of the crisis.
Redrow has closed most of its construction sites but has opted to keep some residential projects going despite Government guidance on closing non-critical businesses. It it thought to employ more than 2000 people but sold its Scottish arm to Springfield Properties in 2011.
Redrow executive chairman John Tutte said: "The response from colleagues and customers during these unparalleled times has been magnificent and I am grateful for their continuing support and understanding. The positive progress we have made on securing additional banking facilities means we can now finalise plans for our valued workforce and supply chain, to make an orderly return to work when we are advised it is safe to do so."
