Redrow plc

Redrow expanded rapidly during the mid 1980s, both geographically and in terms of business activity; by the end of the decade, it was selling in excess of 1,000 houses per year.

On 7 February 2024, Barratt Developments made an agreed offer to acquire the company for £2.5 billion, which met with shareholder approval; the Competition and Markets Authority (CMA) opened an investigation into the proposed acquisition.

Geographically, Redrow moved from its north Wales base into Cheshire and in the early 1980s made significant construction acquisitions in Manchester and the Wirral.

[12] As a result of the outbreak of the Great Recession, Redrow was subjected to extremely difficult trading conditions during the late 2000s, including a halving of house sales in the latter part of 2008;[13][14] in early 2009, the firm made efforts to reduce its debt burden to below £255 million by the mid point of the year.

[16][17] In October 2009, Redrow announced the worst fiscal results in its history, which included a 53 per cent drop in revenue and a pre-tax loss of £140.8 million.

[31] That same year, Redrow announced that pre-tax profits had risen by 26 per cent to £315 million while revenues were up 20 per vent at £1.66 billion;[32] it also withdrew from its effort to take over rival firm Bovis Homes.

[33] On 18 October 2018, Redrow announced its 100,000th customer and released statistics on the number of direct jobs it had created (36,000), including 2,000 trainees, and a further 200,000 indirect employees.

[5][34] On 7 November 2018, it was announced that Steve Morgan would retire from the company in March 2019 with John Tutte taking over as executive chairman and Matthew Pratt as chief operating officer.

[38] In June 2020, following a review of its divisions, Redrow opted to scale-back its London operations to focus on its Colindale Gardens development and announced it would continue to target future growth on the higher returning regional businesses and the Heritage product.

[44] In November 2021, it joined the UNFCCC Race to Zero and signed up to the Science Based Targets initiative (SBTi), supporting efforts to limit global warming to 1.5°C.

[45] In 2022, Redrow was included in the FT-Statista annual climate leaders list of companies achieving the greatest reductions in their Scope 1 and 2 greenhouse gas emissions intensity over a five-year period (2015-20).

[47] During October 2022, Redrow became one of the first house builders to implement the New Homes Quality Board's new code of practice, an independent not-for-profit organisation that has been set up to offer better protection and increased transparency for customers.

[48] In January 2023, Redrow became the first large housebuilder to introduce air source heat pumps in all its upcoming developments as the firm moves away from traditional gas boilers.

[50] On 7 February 2024, Barratt Developments made an agreed offer to acquire the company for £2.5 billion;[51] on the same date, both firms had confirmed reduced revenue and profit.

[53] Subject to regulatory and shareholder approval, the deal was expected to be completed in late 2024,[53] and would see around 800 jobs lost (a 10% reduction in total employees) and nine offices close.

[57] On 22 August 2024, Barratt officially took ownership of Redrow shares; both firms continue to operate independently until final CMA approval is granted.

A Redrow development in Horsforth , West Yorkshire