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L&Q and Trafford Housing Trust (THT) have today (2nd April) announced plans of a joint venture, to unlock the investment and growth in the number of social homes in the North West.
With the acquisition anticipated for completion in June, L&Q have reported to see THT as a gateway to the North West and a key to delivering plans for 100,000 new homes over the next ten years, with at least half due to be affordable.
The new agreement is said to unlock a further £4bn of investment by combining the resources of the two associations, with around £2m set aside to improve the standard of THT’s existing homes, as they come up for re-let, in line with L&Q’s Home Standard.
As part of the announcement, L&Q and THT have said that they will work closely with local authorities in the North West to ensure that both new and existing homes meet local needs, including homes for the over 55s and for those with specialist needs.
While London and the South East 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 through THT’s local knowledge, relationships and strong reputation for innovation and delivery, with THT’s existing management team continuing to be responsible for local service delivery, accountable to the THT Board.
Plans to create a North-West Foundation through the merge also comes in bids to invest in local communities, including that of projects to help tackle poverty and support people experiencing domestic violence and mental health problems, as well as improving the lives of the regions ageing population.
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 Group, 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.”
