<p></p><p></p><p>Redrow has furloughed 80% of its staff, with the business also announcing that it has qualified for the government’s Covid Corporate Financing Facility (CCFF), and that arrangements to secure an extra £100 million under its existing credit facility are “progressing well”.</p><p>Giving an update on measures taken to counteract the effects of the coronavirus crisis, the housebuilder said that currently around 80% of its staff had been furloughed – asked to stop working but not made redundant – under the government’s Job Retention Scheme.</p><p><span>And, following an internal announcement on March 27 that Redrow’s board and senior directors had volunteered to take a 20% salary cut for the course of the crisis, the firm said the wider directorate had also elected for a 20% pay reduction.</span></p><p><span>Redrow has been </span>confirmed as an “eligible user” for the CCFF, designed to provide liquidity for larger firms through short term debt. The housebuilder said it was yet to draw down the £300 million loan.</p><p>It expects documentation for the additional £100 million <span>under its existing Revolving Credit Facility to complete by the end of April, </span>increasing the facility from £250 million to £350 million.</p><p>Redrow’s executive chairman John Tutte said: “The response from colleagues and customers during these …