Executive chairman John Tutte will stay on another five months

Redrow has said that executive chairman John Tutte will stay in the role until later this year.

Tutte (pictured), who has been at the firm more than two decades, had been due to step down at the end of June to take up the non-executive chairman’s post.

John Tutte

But the firm said he was delaying the move until November’s AGM because of the impact of the covid-19 pandemic on the firm.

In an update to the City this morning, Redrow added: “It remains John’s intention to retire from the Board ahead of the AGM in 2021.”

Current chief operating officer Matthew Pratt will become group chief executive on 1 July as previously announced.

The firm, which has furloughed 80% of its staff amounting to around 1,800 people, said that it had secured an additional £100m of financial headroom from its existing lenders, taking its commercial credit facility to £350m.

Earlier this month, Redrow said it had been declared eligible for a £300m loan under the Bank of England Covid Corporate Financing Facility, designed to allow firms with investment-grade credit ratings to borrow cheaply to offset business impacts of the crisis.