|Traded as||(LSE: RDW)|
(Chief Operating Officer)
|Revenue||£1,920 million (2018)|
|£382 million (2018)|
|£308 million (2018)|
Number of employees
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.
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. 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.
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. 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.
The construction business was sold and with Redrow now purely a development business the Company was floated on the London Stock Exchange in 1994. 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. In 2006 Redrow saw its 50,000th customer. In 2009, Steve Morgan returned to Redrow as Executive Chairman, having increased his shareholding to just under 30 percent.
Following his return, Morgan reopened operating divisions in the north west, Yorkshire and south midlands that had been closed during the recent recession. A year later Redrow launched its Heritage Collection  followed by the Regent Collection  and more modern Abode Collection.
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).
In September 2017, it was announced that Morgan would "ease back" to a non-executive chairman role with Redrow.
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.
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.
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.
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.
Redrow won the best marketing initiative at the Housebuilder Awards for Innovation and Excellence in three consecutive years; in 2010, for its broadband television channel Redrow.TV, in 2011, for the 'Our Pride - Your Joy' marketing campaign, and again in 2012 for the 'Share a little bit of joy' initiative.
In 2011, 2014 and 2015 Redrow won the Gold Award for Best Large Housebuilder at the industry's What House Awards.
At the 2013 Peer Awards, the online service ‘My Redrow’, won the Overall Customer Engagement award, as well as the Technology for Engagement category.
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.
In 2017, Redrow was awarded the Innovation Award at the North West Construction Group Health and Safety Awards.
In 2018, Redrow obtained a 5 star rating in the Home Builders Federation (HBF) rating system, improving from a 4 star rating the previous year (2017).
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.
- 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. 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. This development, is also part of the NHS Healthy New Towns network.
- Plasdwr: Redrow is 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.
- 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 utilisise the disused 1960s tower block and adjacent land which was once known as the Peel Centre, a former Metropolitan Police training college.
- Ledsham Garden Village: A 105-hectare site in South Wirral will become a sustainable new community of up to 2,000 homes. It will create employment, education and leisure opportunities and green open spaces.
- Amington Garden Village, Tamworth: This 60-hectare former golf course site will feature up to 1,100 new homes and a package of community investment worth £14 million, including funding towards the cost of building a new primary school, a new community woodland and extending the Hodge Lane Local Nature Reserve.
- 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.
- 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.
- Vision at Devonport: Recently completed, this £70 million redevelopment of the Royal Navy South Yard Enclave in Devonport, Plymouth, includes 464 properties, shops, offices and extra care housing. It also included demolition of what had become known as Plymouth's ‘Berlin Wall’.
- Buckshaw Village: After 15 years, transformation of the site of the former Royal Ordnance Factory (ROF Chorley) in Lancashire is nearing completion. As lead developer, Redrow launched its first homes for sale at the village in 2003 and, since then, has been responsible for 1,270 of the homes that make up the community. There is also a railway station, Tesco superstore, schools, bars, restaurants, local shops, a doctors’ surgery, community centre and a business park supporting 10,000 jobs.
Redrow launched a national training centre in Tamworth in 2003 and has since opened a second training base at Collindale, London. Currently 15% of Redrow's workforce is undergoing an apprenticeship, graduate programme or other formal training programme.
In 2011, Redrow was named in Building's Good Employer Guide, of 61 best construction related companies to work for.
In 2015, Redrow won Great Britain Large Employer of the Year at the CITB Apprenticeship Awards. In the same year, the company was named Large Employer of the Year at the National Apprenticeship Awards West Midlands Region.
In 2016, Redrow was the first housebuilder to receive the BiLD Quality Mark for its commitment to learning and development for all its staff.
In 2017, Redrow was named a Top 100 Apprenticeship Employer at the National Apprenticeship Awards.
The Company operates two main businesses:
Redrow Homes, currently comprising 15 operating divisions covering:
- South Region - London, Colindale Gardens, Eastern, South East, Southern Counties
- West & Wales Region - South Wales, South West, West Country
- Midlands Region - East Midlands, Midlands, South Midlands
- North Region - Lancashire, Yorkshire, NW (North West & North Wales)
- Thames Valley - Oxfordshire and surrounding counties
Harrow Estates: Entrepreneurial property solutions, land and property acquisition, problem solving, regeneration and commercial development.
In 2017, Redrow was awarded the Three Trees award on the WWF Timber Scorecard, retained for a second year, with 99.94% of its timber responsibly sourced.
In 2017, NextGeneration, a sustainability benchmark, consisting of the UK's largest homebuilders, awarded Redrow Gold Level Status for the first time.
Redrow has achieved ISO14001 certification, in recognition of its focus on reducing environmental impact across the business.
Redrow’s ethos ‘Creating a Better Way for people to live’ has been introduced at every level of the business. Redrow focuses on the following three areas:
- Developing in good locations and creating a sustainable environment
- Creating places to live to an exceptional standard
- Employing a skilled and dedicated workforce
In the financial year ended June 2017, Redrow committed £163 million to fund local communities, with money spent on affordable housing, highways improvements, parks and open spaces, sports facilities and health centres.
Separately the Steve Morgan Foundation, to which Redrow’s chairman has personally committed over £200m, has provided support to more than 650 charities.
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