Mears wins £120m Tower Hamlets repair deal

Grant Prior 12 years ago

Mears has won a social housing repair contract from Tower Hamlets council worth up to £120m.

Mears will takeover the contract in March from Morrison and Mitie who were previously responsible for maintenance across the east London borough.

The initial contract covering 21,000 properties is worth £60m over five years with the option of a further five-year extension.

Confirmation of the win was contained in a trading update to the City today which revealed that Mears paid just £1.5m for Rok’s social housing business in Bristol.

Mears also confirmed a ten year repair and maintenance deal with Moat Homes worth £67m  covering 15,000 properties which will start in April.

The company continues to expand in the domiciliary care market adapting properties to allow older people to stay in their homes longer.

David Miles, Chief Executive of Mears, said: “2010 has been a watershed year for Mears Group, which is now the market leader in both Social Housing and Domiciliary Care.

“We have won record levels of contracts in both divisions and completed the acquisition of Supporta, cementing our market leading position in Domiciliary Care, a market that continues to grow as care in the home is by far the most affordable solution for Local Authorities.

“Mears is well placed to lead and consolidate the Domiciliary Care market place which is some 10 years behind the more developed Social Housing market.

“We can use the experience gained in Social Housing to enhance the market efficiencies in Domiciliary Care and share the benefits with our clients.

“Targeted acquisitions will be considered in order to broaden the diversity of Mears’ Domiciliary Care offering along the services supply chain and expand the range of services provided to people in their homes.

“Mears’ clients will benefit from a national platform for the provision of an enhanced quality service provision. Mears will soon be the only Domiciliary Care operator listed in the London Stock Exchange.

“Our focus for Social Housing will be to continue growing through further contract wins, expand the geographic offering through targeted acquisitions of regional businesses with existing relationships with Registered Social Landlords and on-going innovation through further partnerships such as that with British Gas.

“We have a demonstrable track record of identifying and capitalising on inefficient markets, and developing strong strategic relationships with our clients which has sustained annual double digit growth in our earnings since coming to the Stock Market in 1996.

“Most importantly, we have the right management team in place to take our business forward and capitalise on the many opportunities in our growth markets.”

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