Tue, 19 Apr 2011 | DIVISION SALE
Housebuilder Redrow plc has decided to exit Scotland by divesting its business operations there and focusing instead on its growth in London and the South East.
The Scottish unit built 185 new homes in 2010 and achieved sales of £31 million with a small loss.
Redrow’s board have arrived at the conclusion that the Scottish business “is not of sufficient scale to generate acceptable returns and its preferred option is to sell that business.”
Redrow believes that focusing on building in London and the South East will lead to an increase in the prices of its homes.
The housebuilder aims to complete a sale of the business by the end of this year. An information memorandum is to be sent out to potential buyers shortly.
Completions for the full year are expected to be ‘marginally ahead’ of 2010, Redrow says.
Redrow plc reported revenues of £396.9 million for the 12 months ending 30 June 2010.
Redrow started out in 1974 as a small civil engineering business in North Wales and expanded quickly. It now builds homes all over the UK.
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