![]() The company said it was building at 124 developments – although it had again paused development in Leicester because of the local lockdown announced on Monday. Physical distancing protocols on sites and extended customer handover meant it would deliver houses more slowly. Profits would fall “as a consequence of the impact of Covid-19” as well as the cost of exiting London, the company said. Redrow said turnover would drop by a third in the year to 28 June 2020 to £1.3bn, against £2.1bn in 2019. The change of strategy comes after a difficult period for builders as a result of the pandemic. ![]() “For us it is better to divert our capital into our regional businesses where we have quite a lot of room for expansion.” “We just feel we can better invest our capital outside London and get quicker returns,” Tutte said. The company will continue to build its Colindale Gardens development in north-west London. Reducing building in London will be costly, with impairments to be reported in its next accounts. The pandemic had also underlined the need for fast internet access, Tutte said, although he did not anticipate adding separate office facilities to new houses. Regions where the company sees particular room for expansion include the Thames Valley around Oxford, the Oxford-Cambridge corridor, Nottingham and Leicester in the east Midlands, and areas in the east of England such as Basildon in Essex. “If the studies are proven to be right there will be more people looking to live in suburban areas.” ![]() With 10-years experience in the property sector, Pete’s goal was clear to build homes that he would be proud to live in. “We’re confident in a post-covid environment they’ll continue to be attractive,” he said. Mackenzie Miller Homes was founded in 2015 by Managing Director, Pete Mackenzie, and has remained privately owned since. John Tutte, Redrow’s executive chairman, said recent surveys of buyers had shown stronger demand for larger homes with more green space, bolstering the case for the company to focus on developments outside the capital that offer quicker returns. Estate agents have reported more demand for properties outside cities since the pandemic as the government continues to urge people to work from home where possible.
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