The appointment remains subject to approval by shareholders at the annual general meeting to be held in November 2019.

PwC will resign as auditor following completion of the audit for the financial year ending 30 June 2019. The firm was appointed as auditor in in 1999 having succeeded Coopers & Lybrand who were appointed in 1987.

Redrow said its decision was driven by new requirements from the Competition and Markets Authority (CMA) in relation to FTSE 350 companies requiring the company to change its statutory auditor for the June 2021 audit at the latest.

According to the 2018 annual report, Redrow paid PwC £187,000 for the audit of the parent company and its subsidiaries, much the same as the previous year (£186,000).

PwC was also paid £20,000 in respect of an independent review of the half yearly financial statements and £9,100 for taxation compliance services. The previous year the firm was also paid £408,000) in respect of reporting accountant services, but there were no fees under this category in 2018.

Report by Pat Sweet