Record year for Redrow in the Midlands
Housebuilding giant Redrow says the Midlands is “pivotal” as it posts record revenues of £1.38bn.
In the year ending 30 June Redrow’s Tamworth-based operation, one of 13 operating divisions in England and Wales, completed 506 new homes, up 6% on 2015 across its developments in Telford, Bilston, Alcester, Bromsgrove, Atherstone, Evesham, East Leake, Pershore, Wolverhampton, and Shifnal.
The regional company purchased six new sites and added 130 acres to the land owned with planning land bank which, once complete, will have a total sales value in excess of £400m, while creating dozens of new jobs and bringing a host of other economic benefits to local communities.
During the year, Redrow Homes (Midlands) launched new developments at four locations, including Pennine Grange, Tamworth; The Uplands, Shifnal; Rowley Grange, Rowley Regis and Lime Tree Meadows, Shrewsbury.
In the current financial year, the Midlands division says it expects to increase the number of homes it builds and to launch a further six new developments in Evesham, Cawston, Droitwich, Tamworth, Stafford and Harborne as it continues its rapid growth.
Redrow’s Midlands division directly employs 130 staff – of which 19 are trainees or apprentices – while providing work for dozens of subcontractors across its various building sites.
James Poynor, managing director for Redrow Homes (Midlands) said: “As a division we’ve enjoyed another year of growth and are pleased to have played our part in a record breaking year for the Group.
“While the housing market has been in the spotlight once again post-Brexit vote, we’ve continued to experience very high levels of interest in our developments and strong sales due to a long term underlying demand for new homes outstripping supply.
“It’s set to be another exciting year for the division, with new sites launching and progress on our existing developments continuing apace. One of the most significant projects for the division will be Amington Garden Village, which could see 1,100 homes built on the former golf course site. The first homes there aren’t due to be released for sale until the early part of 2017, but buyers are already showing a keen interest in the scheme.”
Nationally, Redrow recently reported strong growth. Turnover exceeded £1.38bn for the first time, operating profit increased by 23%, and the number of new homes completed rose 17% to 4,716 (2015: 4,022). The company also added to its total workforce by 19% to 1,962 employees.
