House builder Redrow has secured more debt from its lenders with the business already signed up for the UK Government's Covid Corporate Financing Facility.
The Deeside based firm has agreed to source an additional £100m from its six relationship banks under an existing revolving credit facility, meaning it now had £350m of committed facilities.
The company also said it has been confirmed as an eligible issuer for the UK Government's Covid Corporate Financing Facility with an issuer limit of £300m.
It is open to large firms that can demonstrate they were in sound financial health prior to the coronavirus shock.
The scheme will operate for at least 12 months and for as long as steps are needed to relieve cash flow pressures.
Last week Redrow revealed 80% of its workforce had been furloughed under the Government’s Job Retention Scheme.
Redrow also announced that John Tutte had agreed to delay a step back to non-executive chairman from 30 June until the company's AGM in November.
Matthew Pratt would still take up the position of chief executive from 1 July, as previously announced.
John Tutte, executive chairman, 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”.
