L&Q, one of the UK’s largest housing associations and developers, has completed the acquisition of Trafford Housing Trust. The acquisition will facilitate £4bn investment in creating 20,000 new homes across the North-west.
The acquisition of Trafford Housing Trust, 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. It will also double Trafford Housing Trust’s social investment in the region with the establishment of a £4m North-west Foundation.
In addition to supporting Trafford Housing Trust’s new home development plans, the acquisition will enable Trafford Housing Trust to enhance its Quality Home Standard for 9,000 social homes across Greater Manchester, giving customers a better standard of living.
Operationally, Trafford Housing Trust will keep its name and corporate structure and will sit as a standalone company within the L&Q Group. The acquisition does not affect existing staffing numbers and there will be no compulsory redundancies.
The terms of the acquisition agreement enable Trafford Housing Trust to retain and reinvest any profits made through new home sales into its own schemes and social programmes.
David Montague, CEO of L&Q Group, said: “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.”
Larry Gold, Chief Executive of Trafford Housing Trust, commented: “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.”
Header image shows from left to right: Aubrey Adams, Chairman of the Group Board at L&Q; Larry Gold, Chief Executive of Trafford Housing Trust; David Montagu, CEO of L&Q Group and Edna Robinson, Group Chair of Trafford Housing Trust.