Redrow closes Runcorn but saves Buckshaw Village office

Redrow today joined the housebuilders making job cuts this week with the announcement that two offices including Preston Brook, Runcorn, would be closed.

The Flintshire-based firm is cutting 40% of its workforce, taking the number of staff down to 850. The Basingstoke office will also close.

A sales and administration office based at the large, mixed-use Buckshaw Village joint venture with Barratt in Chorley, Lancashire, will remain open. The office serves half a dozen sites in Lancashire as well as Buckshaw Village.

No numbers of redundancies were given for the Preston Brook office as the company said it was still in a consultation period.

The trading update issued today gave a detailed breakdown of current performance:

  • Net reservation levels in the second half of the financial year were 55% below the level achieved last year
  • Debt decreased over the last six months and at 30 June was £225m, compared to £238m at the end of 2007
  • Cancellation rates in the last six months were just under 30% as compared with 18% in the corresponding period last year

Shares in Redrow rose 13.25p to 109.5p in early morning trading.

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