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Major housebuilders including Redrow, Crest Nicholson and MJ Gleeson have furloughed thousands of workers amid the continuing covid-19 pandemic.
Redrow announced last week that it would furlough 80% of its workforce – thought to be around 1,800 people – while the board and senior directors volunteered to take a 20% cut in salary. Since then, the wider directorate of the business has also agreed to take a 20% pay cut.
Redrow has also secured a £300m loan under the Covid Corporate Financing Facility (CCF), backed by the government. It is also negotiating an additional £100m of headroom under its existing revolving credit facility with six banks.
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