Property developer Redrow to sell off Scottish division

Redrow announced yesterday that it is exiting Scotland.

In its interim management statement, the residential and mixed-use property developer said that its policy of growing in London and the south east would lead to further increases in the group’s average selling price.

Consequently, the board at Redrow has concluded that, despite a presence in Scotland for a number of years, the operation there is not of sufficient scale to generate acceptable returns and will be sold.

In the last financial year Redrow’s Scottish business generated 185 legal completions, had a turnover of £31m and made a small loss.