Taylor Wimpey CEO Declines Discount Flat

Pete Redfern, CEO of Taylor Wimpey plc, has declined the opportunity to buy a luxury flat on one of his company’s own developments at a large discount.

The Evening Standard says that Redfern was eligible to buy the £2.48m flat at the Palace View development near Lambeth Palace, London, for £2.04m thanks to the company’s employee discount scheme and softening London property prices. However, the company has indicated that he acknowledges the criticism this could attract and so will not be proceeding with the purchase.

A company spokesman told the newspaper: “We recognise the concerns that have been expressed in some quarters and the sensitivity of this matter and as a result, Mr Redfern has today taken the personal decision to withdraw from the planned purchase.” 

It’s likely that the furore over ex-Persimmon CEO Jeff Fairburn’s bonus has encouraged Redfern to take this step to eliminate any bad publicity that it could have generated. However, this is by no means a sudden conversion – Redfern has previously indicated that he is uncomfortable with some of the practices in the industry and particularly the way they impact on customer perceptions and the house buying experience.

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Source Evening Standard
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