A London-based housing association and developer has established a presence in the North West by acquiring Greater Manchester’s Trafford Housing Trust (THT).
L&Q has effectively established a gateway to the wider North with its acquisition, but it’s claimed to be a sweet deal for the region too. Over the coming years, the deal is expected to unlock some £4 billion of investment to create 20,000 new homes across the North West.
Under the deal, THT becomes a standalone subsidiary of L&Q, retaining its own brand and corporate structure, along with its board and executive management team.
Larry Gold becomes THT’s chief executive, while Edna Robinson, THT’s group chair joins the L&Q board, and group director of finance at L&Q Waqar Ahmed joins the Trafford board.
L&Q said its acquisition of THT does not affect existing staffing numbers and there will be no compulsory redundancies.
The deal has grown out of a long-standing joint venture partnership and as well as supporting those ambitions to build 20,000 new homes in the region, it will also double THT’s social investment in the region with the establishment of a £4 million North West Foundation.
In addition to supporting THT’s home development plans, the acquisition is said to enable the organisation to enhance its Quality Home Standard for 9,000 social homes across Greater Manchester, giving customers a better standard of living.
Furthermore, the terms of the acquisition agreement enable THT to retain and reinvest any profits made through new home sales into its own schemes and social programmes.
“Together, L&Q and Trafford Housing Trust can do so much more to address the need for more affordable housing in the North West and to invest in local communities,” said David Montague, L&Q Group’s chief executive.
Larry Gold, THT’s chief executive, added: “Trafford Housing Trust 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.”
L&Q is one of the largest housing associations in the UK, operating primarily across London and the south east. It houses around 250,000 in its 95,000 homes. The organisation traces its history back over 50 years. THT owns around 9,000 social and “affordable” homes.