BDC

L&Q to Buy North West Rival

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In an attempt to boost house building, south east housing association L&Q is in talks to take over the North West’s Trafford Housing Trust. The acquisition, which is expected to be completed this June, will unlock a further £4 billion 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.

“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,” said L&Q group chief executive David Montague.

L&Q’s acquisition focuses on long-term investment and growth that include savings by removing duplication and increasing efficiencies. The company has also pledged to spend £2 million each year improving the standard of THT’s existing homes, as they come up for re-let.

“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,” added Larry Gold, Acting Chief Executive of THT.

AT the moment, THT is involved in 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.

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BDC 299 December 2022