Morgan retires from Redrow board

Steve Morgan is retiring from the Redrow board at the end of March 2019, exactly ten years to the day that he returned to the business.

Group chief executive John Tutte will succeed Morgan as executive chairman. Matthew Pratt, who is currently ceo of Redrow's southern businesses, will be appointed chief operating officer and join the board.

At the firm’s AGM today, Morgan gave an update on the business, welcoming the Help to Buy extension but calling for a change in the price caps. Morgan said: “We broadly welcome the extension, announced in the Budget, of the highly successful Help to Buy scheme which has enabled to date the purchase of almost 170,000 properties, over 80% of which were first-time buyers. We would, however, urge the government to review the regional price caps that markedly disadvantage the north and Midlands in favour of the south of England.”

Morgan said that for the first 18 weeks of the current financial year, Redrow has traded in line with expectations. “We continue to see good demand in our regional businesses with most sites sold well in advance. However, the London sales market has remained subdued affected …