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RNS Number : 7520U

London & Quadrant Housing Trust

02 April 2019

London & Quadrant Housing Trust proposed acquisition of Trafford Housing Trust

London & Quadrant Housing Trust ('L&Q') and Trafford Housing Trust ('THT') have today announced that their boards unanimously approved an agreement under which L&Q and THT have agreed to enter into talks which they hope will lead to THT becoming a wholly-owned subsidiary of L&Q.

It is anticipated that the acquisition will complete in June 2019, subject to customary closing conditions including, but not limited to: due diligence; customer consultation; lender consents and regulatory approvals.

A gateway to the North West of England:

The acquisition of THT by L&Q will build 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.

While London and the South East of England will continue to be a major area of operation and growth, L&Q has been carefully expanding its geographical focus. Through this acquisition, L&Q will gain access to the North West of England through THT's local knowledge, relationships and strong reputation for innovation and delivery. THT will benefit from the scale, financial strength and resilience of one of the largest and most successful charitable housing providers in the country, with unparalleled access to strategic land.

Management and Governance

THT's existing management team will continue to be responsible for local service delivery, accountable to the THT Board. As part of the acquisition, THT CEO Matthew Gardiner, who has led the company since it was established 15 years ago, will step down and be succeeded by current Acting Chief Executive, Larry Gold. Matthew has spent the past few months on secondment as Head of Ideation for L&Q, leading innovation projects, and this will become permanent. THT Chairman, Edna Robinson, will join L&Q's Group Board to help shape future strategy.

Commenting on the announcement, 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."

Additional Information

Additional information can be found at:

https://www.lqgroup.org.uk/about/media-centre/

Contact Information:

 
 Gavin Jefferies, Assistant Director 
  Communications                        0300 456 9998 
 

www.lqgroup.org.uk

END

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END

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April 02, 2019 04:00 ET (08:00 GMT)

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