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Redrow homes signs new funding deal with Lex Autolease

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Property developer Redrow Homes has signed a new leasing deal with Lex Autolease to support business growth.

The FTSE 250 listed business is to lease an initial 600 cars and commercial vehicles as the company plans to hire 250 new employees this year to join the existing 1,200-strong workforce.

The company, which has just announced record pre-tax profits of £104 million for the six months ending December 2015, has agreed a three-year sole supply contract with Lex Autolease which is expected to significantly grow as the business rapidly increases its headcount.

The new deal digitises previously manual processes, including invoicing and online ordering.

Martin Gilpin, HR manager at Redrow Homes, said: “As we look to continue to invest in our business following our record first half performance, it’s integral that we have the support packages in place to provide the best for our employees, and in Lex Autolease, we have a supplier that can quickly scale up to meet our needs.”

Matthew McDonnell, business development manager at Lex Autolease, added: “Our work with Redrow demonstrates that leasing can provide large businesses with the support needed for a significant increase in headcount over a short period, together with delivering savings that can be reinvested back into growth.

“Additionally, by providing the company with maintenance, Daily Rental and accident management solutions, we can ensure Redrow keep their vehicles on the road with the minimum of downtime. Together with Lloyds Banking Group, we’ll strive to support the business on its upward growth trajectory.”

Paul Foster, relationship director at Lloyds Commercial Banking, added: “As the housebuilding sector gathers momentum, Redrow is primed for further growth in 2016 and we look forward to continuing our relationship as the firm moves on to greater success.”

Redrow is one of the UK's leading residential property developers, aiming to be the developer of choice for customers, colleagues, landowners, suppliers, subcontractors and investors. The company recorded annual turnover of more than £1 billion for the first time in the last financial year.

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