Redrow to shrink London business as sales drop

British homebuilder Redrow said it was scaling back its London operations and expects sales to drop more than a third this year due to the timing of coronavirus-fueled site closures. It also warned that 2020 profit will be substantially below last year’s due to the impact of the pandemic and the trimming down of London operations. “The timing of site closures due to COVID-19 toward the end of March had a profound impact upon the group’s results in a year, which was budgeted to be disproportionately weighted to the end of the second-half,” the company said.

It said it was pulling back operations in London to concentrate on more high-return regional businesses and its Heritage product — suburban homes designed in period style features that have more spacious interiors. Reuters