L&Q to buy north west rival and spend £4bn on homes

Aaron Morby 6 years ago
Share

South east housing association L&Q is in talks to take over the North West’s Trafford Housing Trust with ambitious plans to boost house building in the region.

The acquisition of THT is expected to be completed this June. L&Q claims it will unlock a further £4bn of investment in the North West by combining the capabilities and resources of the two housing associations to create 20,000 new homes over the next 10 years.

The planned L&Q takeover builds on a highly successful joint venture partnership that has already seen 679 housing starts with a further 1,493 in the pipeline since it was launched in April 2017.

L&Q has also pledged to spend £2m each year improving the standard of THT’s existing homes, as they come up for re-let.

The acquisition is focused on investment and growth although over time, there will be savings by removing duplication and increasing efficiencies.

L&Q group chief executive David Montague said: “L&Q has an ambitious plan to build 100,000 quality new homes over the next 10 years to tackle the national housing crisis.

“We see THT as a gateway to the North West, an area of outstanding growth that needs more high quality, affordable homes.

“We are excited by the opportunity to invest in the North West with a partner that shares our social purpose, values and ambition, has excellent local knowledge and a strong reputation for innovation and delivery.”

Larry Gold, Acting Chief Executive of THT, added: “This is a unique creation that will be built on true partnership and the strength of our vision, and the people who will deliver it. As part of L&Q, we’ll create significant social impact in the North West at scale and pace and strive to find solutions to the national housing crisis.

“We will deliver an extensive programme of new development and regeneration projects, as well as improving homes and services for our existing customers.”

THT currently has joint venture partnerships with Galliford Try, Wates and Wilmott Dixon to build homes for rent and sale across Greater Manchester and the North West of England.

L&Q is one of the UK’s leading housing associations and developers, managing more than 90,000 homes across London and the South East.

Latest news

Rayner unveils £39bn plan to build 300,000 social homes

Council building revival and rent reform feature in social and affordable homes plan
5 hours ago

Keltbray bounces back with £3.2m profit

Tighter controls and smarter project selection fuel strong turnaround
5 hours ago

VINCI JV wins 500-home twin town centre revamps

Chester Northgate phase 2 and Northwich Weaver Square schemes move to delivery stage
5 hours ago

80 energy projects unlocked as Ofgem backs grid expansion

£24bn energy networks deal gets green light from regulator
1 day ago

How to see your stories on the Enquirer

Join our Suppliers and Buyers directory to get your news published
5 hours ago

Henley lands Midland Mill revamp on Leeds tower scheme

Restoration of 18th-century mill kicks off on South Bank regeneration project
5 hours ago

New boss at Eric Wright Civil Engineering

Gavin Hulme takes top job as Diane Bourne moves to group role
13 hours ago

Pinewood submits £1bn data centre plan

Studio giant adds green and learning spaces to tech hub blueprint
1 day ago

Record results after TClarke goes private

Britain's biggest M&E contractor flourishes after de-listing
1 day ago

Dalkia lands £200m nuclear maintenance deal

1,000 nuclear FM staff to join M&E contractor
1 day ago

Construction comeback to outpace wider economy

Arcadis forecast fueled by spending review optimism
2 days ago

First steel goes up on giant car battery site

Severfield gets to work on McAlpine Somerset site
2 days ago

Permasteelisa wins cladding deal on Bovis city tower

Facade specialist lands package at 60 Gracechurch Street
1 day ago

Fox buys recycled asphalt specialist Fisher

Acquisition adds major recycled asphalt capacity in north west
2 days ago

Major Building Safety Regulator shake-up to end tower delays

HSE stripped of control and top fire chiefs brought in to fast-track stalled schemes
2 days ago

Hinkley trio sign Sizewell civils deal

Balfour,Bouygues and Laing O'Rourke form Civil Works Alliance for new power station
2 days ago

£3.9bn data centre plan for Ravenscraig steelworks

Green energy to power massive new steel to silicon AI campus
2 days ago

Breakthrough on HS2’s second longest tunnel

8.4 mile Northolt to Old Oak Common drive completes
2 days ago

Neilcott on fast-track to debt-free employee ownership

£22.5m loan nearly paid down after big profit year
2 days ago

TfL kicks off race for £700m Tube station upgrade

South Kensington and Elephant & Castle top the pipeline list
2 days ago

Corbyn Plant Hire fleet goes under the hammer

Kit to be sold off by sister firm to collapsed groundworks contractor
2 days ago

Government wields procurement stick on late payment

New rules would block slow payers from bidding on big public jobs
5 days ago

Hercules buys power line labour firm for £15.7m

Labour supply specialist snaps up Advantage NRG to tap booming electricity upgrade market
5 days ago

Universal bid to fast-track planning for theme park

Entertainment giant eyes 2026 start at Bedford site
5 days ago

Developer Breck to transform former Ibstock brick factory

Ravenhead works to become 300-home development
5 days ago

SP Energy Networks awards contracts worth £1.4bn

First round of awards under £5.4bn national electricity grid upgrade programme
6 days ago

Travelodge to convert Liverpool Street office building

Office-to-hotel conversion in City of London
5 days ago

Plans lodged for 1m sq ft City of London office

Barbican landmark building will reuse 40% of existing structure
6 days ago

PTSG acquires roofing specialist HD Sharman Group

Premier Technical Services Group expands building maintenance division
5 days ago

Balfour Beatty lands £833m carbon capture power plant job

Work to start later this year on Teesside carbon capture gas-fired power station
6 days ago