2020 marked significant changes to our board, with the appointment of Matthew Pratt as Group Chief Executive, while John Tutte, who plans to retire from the board in 2021, became non-executive chairman.
Like many business we faced unprecedented challenges because of the COVID-19 crisis. We are extremely proud of the way our team and wider workforce responded and continue to do so, embracing new ways of working to prioritise the health and wellbeing of our customers, employees, subcontractors and suppliers.
In fact, our most significant achievement this year has to be our swift and effective response to the crisis. We were quick to roll out well thought-out practices to resume safe working and the videos we produced for our construction teams, sales staff and customers were recognised as best practice and shared by the Home Builders Federation (HBF).
Redrow very quickly declined using the Government’s Job Retention Scheme and we returned all furlough payments, whilst the directorate volunteered to take a 20% cut in salary and the executive team waived their 2020 bonus entitlement.
Community spirit shone through and colleagues worked tirelessly to support local communities and the NHS through equipment donations, volunteering and even allowing doctors to use show homes for rest and recuperation between their gruelling shifts.
Amidst this we celebrated winning a silver at the Global Good Awards in recognition of our commitment to social and environmental sustainability, as well as nine prestigious UK Property Awards. We also retained our Five Star customer satisfaction award from the HBF.
Almost 10 years to the day since he returned to the business in 2009, our founder Steve Morgan retired from the board.
Redrow was named Large Developer of the Year in Property Week's RESI Awards 2019, while outgoing Chairman Steve was named Personality of the Year.
We also launched a new mental health campaign and an online reservation service to enhance our customers' home-buying experiences, achieved HBF Five Star status and won a NextGeneration Innovation award for our Social Value Calculator.
Record results were announced once again with almost 6,000 completions and a turnover of £1.92bn. A new Thames Valley division was created.
In October, we handed over our 100,000th home and celebrated investing £2.7 billion into community infrastructure over our history, including schools, affordable housing, green spaces and community amenities.
2017 again saw record results – including record turnover and pre-tax profits, as well as more than 5,400 legal completions and the acquisition of Radleigh Homes in February 2017. This became our new ‘Redrow East Midlands’ division, putting us in an even stronger position.
Our performance continued to rise in the financial year ending June 2015, with turnover smashing through the £1bn barrier for the first time and operating margin and profits also reaching new heights. Some major projects were announced, including Colindale Gardens in North West London, which is set to deliver nearly 3,000 new homes, as well as a range of shops, schools restaurants and public open space, on a site of nearly 50 acres over the next decade.
In 2014 we celebrated our 40th anniversary with two of the top national housebuilder awards (Building and What House), record-breaking revenue and profitability, plus staff playing their part with a mammoth charity campaign that raised around £440,000 for good causes across England and Wales.
Our London division celebrated its first significant contribution with the completion of its first major developments: Kingston Riverside and One Commercial Street.
Momentum was growing and a new London division was established with an exciting range of lucrative development schemes across the capital.
Since then the product range has grown further with the addition of the Georgian-influenced Regent Collection and the more contemporary looking Abode range; allowing us to meet, and keep ahead of, the ever-changing demands in a buoyant market. The opening of new divisional operations across the Southern Counties, West Country and South East has continued to help us deliver ever improved turnover and increased profits.
To top the year off, we were named best large housebuilder at the WhatHouse awards.
In February, we officially launched The ‘New’ Heritage Collection. These homes were inspired by the Arts & Crafts movement (c1850-1915), which had subsequently influenced many of the character properties of later periods, especially the 1920s and 30s. The New Heritage Collection features traditional elevations, period style features and spacious, flowing interiors.
Redrow TV was launched - a first in the UK housing industry.
In April, Steve Morgan returned to the helm and immediately set about re-opening sites and regional offices that had closed during the credit crunch. His mission was to restore our proud reputation for building premium-brand, high quality homes for all lifestyles. With the help of accomplished design and technical teams, he immediately addressed the company’s product range.
A global financial crisis struck and along with it came the credit crunch. Redrow, like many other businesses, was hit hard as property development across the UK came to a near standstill.
We were immensely proud to celebrate a real milestone - handing over the keys to our 50,000th customer.
2003 saw the launch of a new national training centre as part of a campaign to make us an employer of choice. Our commitment to employment and training today is bigger and bolder than ever before, with 15% of the total workforce undergoing an apprenticeship, graduate programme or other formal training programme.
In November 2000, Steve Morgan left the business to pursue personal interests and Redrow began to shift emphasis. Encouraged by Government planning policy, the company gradually increased development densities and, as a result, the reputation of the product and brand suffered.
We won the Housebuilder of the Year award for three years running, from 1997 to 1999. The accolade is the only major award voted for by customers.
We were lead developer in creating Dickens Heath near Solihull, which later became the most significant and prestigious new residential settlement development in the West Midlands.
We continued to go from strength to strength and became a public limited company on May 17.
The Harwood Homes range was introduced to appeal to an alternative market to existing Heritage customers.
On March 30, 1990 we relocated our UK headquarters to the purpose-built St David's Park.
In 1991 our Yorkshire and South Wales divisions were established, following our South West division in 1988.
The early 90s saw us emerge as a leader in our sector and the launch of the Heritage Collection was a hugely positive milestone for us. A plethora of awards followed, recognising our innovative product design and consistent high quality as well as commercial performance.
The 1980s saw regional expansion into the private homes sector and, through a combination of organic growth and shrewd acquisition, we quickly established a reputation as a quality national home builder, despite the difficult economic conditions at the time. Interestingly, the 80s saw us both entering and leaving the south east housing market, with impeccable timing on both occasions (in subsequent decades we returned to create several successful businesses in London and around the M25 corridor).
In 1985, we established our first regional office in the Midlands.
Through hard work and determination, our business was already expanding into main contract building and quickly embarked on our first major housing development at a site in Denbigh, North Wales.
We have a proud heritage which stretches back to 1974 when we were founded as a small civil engineering company in North Wales, specialising in drainage sub-contracting. Steve Morgan was just 21 when he founded the company with a £5,000 loan from his father. The name originated from a combination of his address, Redwood Drive, and former address, Harrow Drive.