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RNS Number : 3797O

London & Quadrant Housing Trust

01 October 2019

London & Quadrant Housing Trust announces the successful acquisition of Trafford Housing Trust

London & Quadrant Housing Trust ('L&Q'), one of the UK's largest housing associations and developers, has today completed the acquisition of Trafford Housing Trust ('THT').

The acquisition of THT, and its integration with L&Q's existing operations, combines THT's local knowledge, relationships and reputation for quality and innovation with L&Q's 50 years' experience in planning and infrastructure delivery and as a developer of homes, places and communities.

The deal has grown out of a long-standing and highly-successful joint venture partnership and will support a long-term ambition to build 20,000 much-needed new homes in the North West.

Overview

   --    The combined entity owns and manages over 112,000 homes across the UK 
   --    Combined turnover for the year ending 31 Mar 2019 was GBP994 million 
   --    Combined operating surplus for the year ending 31 Mar 2019 was GBP316 million 
   --    Combined total assets less current liabilities as at 31 March 2019 was GBP12.4 billion 

-- Acquisition by L&Q will facilitate GBP4 billion investment in creating 20,000 new homes across the North West

-- It will double THT's social investment in the region with the establishment of a GBP4 million North West Foundation

-- THT to become a standalone and wholly owned subsidiary of L&Q, retaining its own brand, Board and executive management team

   --    Larry Gold to become Chief Executive of THT 

-- Edna Robinson, Group Chair of THT, to join the L&Q Board and Waqar Ahmed, Group Director of Finance at L&Q, to join the THT Board

Commenting, David Montague, CEO of L&Q Group, said:

"Together, L&Q and THT can do so much more to address the need for more affordable housing in the North West and to invest in local communities."

Larry Gold, Chief Executive of Trafford Housing Trust, added:

"THT has an outstanding reputation as a builder of communities. As a self-managed subsidiary of L&Q, we will be able to build more homes, improve more lives and invest in more communities at a vastly improved scale and pace.

"We will balance the need for new homes in our region with the on-going requirement and commitment to our customers to provide the best possible social housing."

For more information, please contact:

 
 Name:              Email:                                    Telephone: 
 Gavin Jefferies    gjefferies@lgroup.org.uk                  07970 819 505 
 James Bates        james.bates@traffordhousingtrust.co.uk    07808 887 241 
 

www.lqgroup.org.uk

www.traffordhousingtrust.co.uk

END

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END

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October 01, 2019 09:26 ET (13:26 GMT)

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