In 1974, aged 21, Steve Morgan borrowed £5,000 from his father to buy his then employer, Wellington Civil Engineering, which was on the verge of going out of business and Redrow was born. The company moved into private house building in the early 1980s. It has grown organically and by acquisition (including the purchase of Costain's residential division in 1993) and now operates throughout Great Britain. Redrow Commercial was established in 1987 and undertakes projects such as shopping centres and distribution parks. Morgan quit the firm in 2000.
Redrow's turnover for the year to 30 June 2006 was £770.1 million. Profits were £120.5 million before tax.
Redrow Reveals Pounds 150m Cash Call to Repair Balance Sheet; Fundraising Plan 'Will Help Position Builder for Growth'
Sep 24, 2009; Byline: Aled Blake HOUSEBUILDER Redrow yesterday revealed plans to raise pounds 150m to repair its battered balance sheet....