Redrow plc

Redrow plc
Public
Traded as (LSE: RDW)
Industry Housebuilding
Founded 1974
Headquarters Flintshire, Wales
Key people
 Steve Morgan CBE
(Chairman)
John Tutte
(Group Chief Executive)
Revenue Increase £1,920 million (2018)[1]
Increase £382 million (2018)[1]
Increase £308 million (2018)[1]
Number of employees
 2,300 (2018)[1]
Website www.redrowplc.co.uk

Redrow plc is one of the largest British housebuilders with a network of 15 operational divisions across the UK. It is based in Flintshire and employs 2,300 people. It is listed on the London Stock Exchange and is currently a constituent of the FTSE 250 Index.

History

Steve Morgan had been working as a site agent for Wellington Civil Engineering when, in 1974, the parent company decided it was to be closed. Morgan offered to take over the contract, borrowed £5,000 from his father, and completed the contract at a profit. Further work was carried out for Wellington and, still aged only 21, Morgan registered his new company – Redrow.[2] Redrow gradually expanded through small civil engineering work and, with Simon Macbryde, formed a separate building company; these were later merged to leave Macbryde with 17 percent of the enlarged company. Geographically, Redrow moved from its north Wales base into Cheshire and in the early 1980s made significant construction acquisitions in Manchester and the Wirral.[2]

Redrow’s entry into housebuilding came in 1982 and by 1985 it had grown sufficiently to separate it out from the construction business. A small acquisition in Kent provided the base for a south-east housing operation; a midlands housing subsidiary was formed in 1986 and in 1987 Redrow bought Whelmar Lancashire, one of the five housing subsidiaries then being sold by Christian Salvesen. By now, Redrow was selling over 1,000 houses a year.[3] Further expansion took Redrow into the south-west, south Wales and Yorkshire but Redrow had pulled out of the vulnerable south-east market just ahead of the 1989 property collapse. Redrow returned to the south-east in 1993 as the housing recession neared its end, buying Costain Homes from the troubled Costain Group; this took Redrow’s housing sales up to 2,000 a year.[2]

The construction business was sold and with Redrow now purely a development business the Company was floated on the London Stock Exchange in 1994.[4] Redrow grew steadily through the rest of the decade reaching sales of 3,000 a year. In 2000 Steve Morgan announced his intention to leave the company, retaining only a 14 percent stake in the Company. Paul Pedley, who had joined Redrow as finance director in 1995, took over as managing director.[3] In 2006 Redrow saw its 50,000th customer.[5] In 2009, Steve Morgan returned to Redrow as Executive Chairman, having increased his shareholding to just under 30 percent.[6]

A Redrow development in Horsforth, West Yorkshire

Following his return, Morgan reopened operating divisions in the north west, Yorkshire and south midlands that had been closed during the recent recession.[7] A year later Redrow launched its Heritage Collection [8] followed by the Regent Collection [9] and more modern Abode Collection.[10]

In 2014 Redrow celebrated its 40th anniversary[11] and its London division completed two developments, Kingston Riverside[12] and One Commercial Street.[13]

In February 2017 Redrow acquired Radleigh Homes in Derby, an established company which delivered 200 new homes in 2016. It has since been re-branded to Redrow Homes (East Midlands).[14]

In July 2018, prompted by growth in London and the southern counties, Redrow announced the opening of its 15th division, Thames Valley, based in Oxfordshire.[15]

Product Awards

In 2010, the company's newly introduced broadband television channel Redrow.TV was named best marketing initiative at the Housebuilder Awards for Innovation and Excellence.[16] In 2011 Redrow won the same award for the 'Our Pride - Your Joy' initiative and again in 2012 for the 'Share a little bit of joy' initiative.[17][18]

In April 2014 Redrow was named Housebuilder of the Year at the Building Awards and chairman Steve Morgan was named Building Magazine Personality of the Year.[19]

In 2011, 2014 and 2015 Redrow won the Gold Award for Best Large Housebuilder at the industry's What House? Awards [20] In March 2015, Redrow received a five star award in the Home Builders Federation (HBF) annual customer satisfaction survey[21] but in March 2016 Redrow lost its 5-star rating from the Home Builders Federation due to an increase in the proportion of buyers who said they were unhappy with the quality of their Redrow Home.[22]

Flagship Developments

The company's flagship developments include:

  • Woodford Garden Village: Woodford Garden Village in Cheshire is the first garden village for over 100 years in the North West of England and utilises over 500 acres of brownfield land, previously used for aircraft manufacturing. Redrow will be developing 900 new homes alongside 50 acres of green public spaces.[23]
  • Ebbsfleet Green, Kent: Redrow’s Ebbsfleet Green will comprise 950 new homes, along with a village centre, park, sports pitches, a hotel and a pub, and a primary school.[24] This development will form part of the plans for a garden city at Ebbsfleet, with up to 15,000 new homes, based predominately on brownfield land, or former quarries.[25]
  • Plasdwr: Redrow will be developing around 2,000 homes in Plasdwr, North West Cardiff. The £2 billion Cardiff ‘garden village’ will comprise four different zones, each with a central square and a primary school.[26]

Regeneration

  • Alton Estate: In March 2017 Redrow was named the preferred bidder to replace post-war council housing in parts of the 17 acre Alton Estate, which will see the delivery of a new library, retail area, a new health centre and children’s centre, a new park and over 1,000 new homes.[27]
  • Sudbrook: Redrow will develop 212 homes at the former Sudbrook Papermill in Monmouthshire. Homes for private sale will be a mixture of detached, semi-detached and terraced properties. Affordable units will comprise eight two-person flats, 10 two-bed houses and two three-bed house.[28]
  • Colindale Gardens: Colindale Gardens is a £1 billion mixed use development in North West London, which will have more than 2,900 homes. At 47 acres in total, the regeneration will utlisise the disused 1960s tower block and adjacent land which was once known as the Peel Centre, a former Metropolitan Police training college.[29]

Employer recognition

Redrow launched a national training centre in Tamworth in 2003.[30] Currently 15% of Redrow’s workforce is undergoing an apprenticeship, graduate programme or other formal training programme.[31]

In 2011, Redrow was named in Building’s Good Employer Guide, of 61 best construction related companies to work for.[32]

In 2015, Redrow won Great Britain Large Employer of the Year at the CITB Apprenticeship Awards.[33]

In 2015, Redrow won Large Employer of the Year at the National Apprenticeship Awards West Midlands Region.[34]

In 2017, Redrow was named a Top 100 Apprenticeship Employer at the National Apprenticeship Awards, for the fourth consecutive year.[35]

Operations

The Company operates two main businesses:

  • Redrow Homes: 15 operating divisions covering London, Colindale Gardens, Eastern, South East, Southern Counties, North West & North Wales, Lancashire, Yorkshire, Midlands, East Midlands, South Midlands, South West, West Country, South Wales and Thames Valley.[36]
  • Harrow Estates: Entrepreneurial property solutions, land and property acquisition, problem solving, regeneration and commercial development.[37]

References

  1. 1 2 3 4 "Final results for the year to 30 June 2018" (PDF). Redrow plc. Retrieved 5 September 2018.
  2. 1 2 3 Burland and Whitehouse, The Redrow Way (1999)
  3. 1 2 Wellings, Fred: Dictionary of British Housebuilders (2006) Troubador. ISBN 978-0-9552965-0-5
  4. ↑ Company Prospectus
  5. ↑ "Win Cements a year of Fortune". Daily Post. Retrieved 20 April 2013.
  6. ↑ Steve Morgan regains control of Redrow in swift coup The Times, 21 March 2009
  7. ↑ "Annual Report 2010" (PDF). Redrow. p. 5. Retrieved 26 September 2018.
  8. ↑ "Redrow launches new heritage collection". Easier.com. 11 February 2010. Retrieved 26 September 2018.
  9. ↑ "Redrow to unveil regent collection show homes in Chester". Building Construction Design. 13 May 2016. Retrieved 26 September 2018.
  10. ↑ "Homes to fit the future in Lancaster". whathouse.com. 25 August 2016. Retrieved 26 September 2018.
  11. ↑ "Annual Report 2014". p. 1.
  12. ↑ "Kingston Riverside" (PDF). sprunt.net.
  13. ↑ "What we do". Manhire Associates.
  14. ↑ "Radleigh Homes bought by Redrow". Insidermedia. Retrieved 12 October 2018.
  15. ↑ "Growth in outer London and the Home Counties has prompted house-builder Redrow to open a new division in the Thames Valley". The Construction Index. Retrieved 3 July 2018.
  16. ↑ Housebuilder. "Housebuilder  : The UKs best read housebuilding magazine". house-builder.co.uk. Retrieved 3 April 2015.
  17. ↑ Housebuilder. "Housebuilder Awards 2011". house-builder.co.uk. Retrieved 17 October 2017.
  18. ↑ Housebuilder. "Housebuilder Awards 2012". house-builder.co.uk. Retrieved 17 October 2017.
  19. ↑ "2014 Winners". The Building Awards 2015. Retrieved 3 April 2015.
  20. ↑ "The 2014 What House Awards". What house. Retrieved 10 December 2014.
  21. ↑ "2015 Survey". NBF. Archived from the original on 12 March 2015. Retrieved 18 March 2017.
  22. ↑ "Homeowner satisfaction with new homes remains high" (PDF). NBF. Retrieved 18 March 2017.
  23. ↑ "Redrow makes start on Woodford Aerodrome homes". Retrieved 25 May 2016.
  24. ↑ "Approval given for 233 new homes in Ebbsfleet garden city". Retrieved 17 October 2017.
  25. ↑ "Major projects and developments". Retrieved 14 July 2017.
  26. ↑ "This is what Cardiff's new 7,000 home £2bn 'Garden City' suburb will look like". Retrieved 16 March 2017.
  27. ↑ "Preferred bidder for 1,000-home Alton estate regeneration". Retrieved 21 March 2017.
  28. ↑ "Plans for 212 homes at former Sudbrook Papermill site approved". Retrieved 17 July 2016.
  29. ↑ "Former Peel Centre, Peel Drive, Colindale, London, Application summary". Retrieved 29 August 2016.
  30. ↑ "Building on People Skills". Retrieved 1 March 2004.
  31. ↑ "Our history". Redrow. Retrieved 27 October 2017.
  32. ↑ "Good Employer Guide 2011". Building. Retrieved 27 October 2017.
  33. ↑ "Pride of Construction Award Winners 2015". CITB. Retrieved 25 November 2015.
  34. ↑ "Regional National Apprenticeship Awards 2015 winners announced". UK Government. Retrieved 17 November 2015.
  35. ↑ "National Apprenticeship Awards 2016 – winners announced". UK Government. Retrieved 20 January 2017.
  36. ↑ "Redrow Contacts and Divisional Offices". redrow.co.uk. Retrieved 2 November 2017.
  37. ↑ Harrow Estates. "Experts in the UK Land and Property Markets". harrowestates.co.uk. Retrieved 3 April 2015.
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