Welsh Government's Building Safety Pact

RNS Number : 8988B

Redrow PLC

05 October 2022

 

5 October 2022

REDROW plc

Commitment to the WELSH Government's Building Safety PACT

As previously reported Redrow believes that the housebuilding industry should play its part in resolving the issue of legacy fire safety in high rise buildings and that the financial burden should not be borne by leaseholders and as part of that commitment Redrow has already signed the Developers Fire Safety Pledge for buildings in England, as announced on 6 April 2022.

Redrow announces that it has today in addition signed the Welsh Pact which is similar in all regards to the Developers Fire Safety Pledge and covers buildings constructed in Wales. A copy of the Welsh Pact will be made available on our website, www.redrowplc.co.uk, in due course.

In signing up to the pact we will be remediating all the buildings over 11 metres with life critical fire safety issues in which we were involved, whether or not we constructed them, going back 30 years. Our existing provision for fire safety in high rise buildings is £200m and this provision will not increase as a result of signing the Welsh Pact as the relevant buildings in Wales were included in the exceptional item recorded in the 2022 Financial Year.

We will work with leaseholders to remediate their buildings and, where possible, pursue recoveries from main contractors, warranty providers and other third parties. These remediation works are expected to take a number of years to complete.

For further information contact:
Redrow plc
Matthew Pratt, Group Chief Executive	01244 527411
Barbara Richmond, Group Finance Director	01244 527411
Instinctif Partners	0207 457 2020
Tim McCall, Head of Capital Markets	07753 561862
Bryn Woodward, Associate Partner	07500 027181

LEI Number:

2138008WJZBBA7EYEL28

Announcement Classification:

3.1: Additional regulated information required to be disclosed under the laws of a Member State

 

END

 

 

STREAEESEALAFFA