The history of Redrow
Redrow has just revealed a rise of 23 percent (to £250 million) in its pre-tax profits.
Here are 10 things you might not know about Redrow’s journey to become the biggest housebuilder in Wales:
1: Redrow was founded in 1974 by Steve Morgan, after he borrowed £5000 from his father to buy the company he worked for after it announced it was closing.
2: Redrow expanded through small civil engineering work, and in the early 1980’s, the company was moved from its base in Flintshire, Wales to Cheshire, helping to develop its construction status in Manchester.
3: Redrow began building houses in 1982, and by 1985 this became its main business. In 1987, Redrow bought the Whelmar Lancashire housing subsidiary, and was selling 1000 houses a year.
4: In 1993, the housing recession eased and Redrow moved to the south-east, buying Costain Homes, which took its housing sales up to 2,000 a year.
5: In 1994, the construction part of Redrow was sold and housing became its sole business. The company grew throughout the nineties, reaching sales of 3,000 a year.
6: In 2000 Steve Morgan announced he was going to leave the company, with a 14 percent stake. Paul Pedley, who was Finance Manager at the time, became managing director. Steve Morgan returned to the company in 2009 as Executive Chairman.
7: In 2010, Redrow announced Redrow. TV, which was announced best marketing initiative at the Housebuilder Awards for Innovation.
8: Redrow sold its Scotland operation to Springfield Properties Plc in 2011 to focus on increased investment in other areas such as London.
9: In April 2014, Redrow was named Housebuilder of the Year at the Building Awards, while Steve Morgan was named Building Magazine Personality of the Year.
10: Redrow received a five-star award in March 2015 in the Home Builders Federation annual customer satisfaction survey.