L&Q to acquire Trafford Housing Trust
L&Q Group is in talks to acquire North West housing association Trafford Housing Trust.
The deal will see L&Q pick up THT’s portfolio of 9,000 social homes and scale expansion in the North West with an annual investment of £4bn.
It is double the investment of previous years, and will enable the delivery of 20,000 new homes a year, at least half of which will be affordable.
L&Q Group is in talks to acquire North West housing association Trafford Housing Trust.
The deal will see L&Q pick up THT’s portfolio of 9,000 social homes and scale expansion in the North West with an annual investment of £4bn.
It is double the investment of previous years, and will enable the delivery of 20,000 new homes a year, at least half of which will be affordable.
The acquisition builds on a joint venture partnership that has seen 679 housing starts, with a pipeline of 1,493 more homes, since April 2017.
THT chief executive Matthew Gardiner will step down and Larry Gold will succeed him as acting chief executive. Gardiner, who has been with THT since it was established 15 years ago, has spent the past few months as head of ideation at L&Q and will remain in this role, leading new innovation projects such as digital technology improvements. THT chairman Edna Robinson will join L&Q Group’s board.
THT’s existing management team will continue to be responsible for local service delivery, accountable to the THT board. There will be no compulsory redundancies.
L&Q Group chief executive David Montague said: “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: “As part of L&Q, we will 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.”
The acquisition is expected to complete in June 2019, subject to due diligence, customer consultation and the development of a five-year business plan.
Pictured above, left to right: Aubrey Adams, L&Q Group chair; Larry Gold, THT acting chief executive; David Montague, L&Q Group chief executive; and Edna Robinson, THT chair
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