THT and L&Q join forces to bring £4bn into the NW
THT and L&Q join forces to bring £4bn into the NW to improve housing and social care
• THT aims to become part of L&Q
• TrustCare services to operate as normal following acquisition
• The new Group plans to invest £4 billion in NW homes over a decade
• Significant investment in existing social homes planned
• £4m of funding for social projects and jobs in NW communities
Trafford Housing Trust - which runs independent living service TrustCare – has announced plans to become part of L&Q Group, one of the largest housing associations in the country.
The proposed acquisition will not affect independent living services in THT’s extra-care and sheltered housing schemes, or its care at home services, including Alert & Response.
Together, THT and L&Q plan to combat the housing crisis by investing £4 billion into communities across the North West, including building 20,000 new homes over the next 10 years. More investment will also go into THT’s existing social rented homes.
As part of the acquisition, a new Foundation will be created to double investment in social projects in the community to £4 million a year to tackle poverty and support people experiencing domestic violence, mental health and debt problems, as well as improving the lives of the region’s aging population.
Doubling of investment in social projects
The investment will also fund projects to help young people and the hard-to-employ back into work, as well as increasing skills amongst THT’s workforce, through a new Academy in the North West, mirroring the successful L&Q Academy in the South East.
The two housing associations have had a successful joint venture partnership since 2016. It is expected that the acquisition of THT by L&Q will complete in June 2019.
As part of this acquisition, CEO Matthew Gardiner, who has led THT since it began 15 years ago, will step down and be succeeded by Acting Chief Executive Larry Gold. Larry was the first employee of THT and has been Deputy Chief Executive for more than three years. Matthew will become Head of Ideation across the L&Q Group, leading innovation projects. Chairman, Edna Robinson, will join L&Q’s Group Board to help shape future strategy.
Acting Chief Executive, Larry Gold, said: “This is a unique creation that is built on true partnership and the strength of our vision, and the people who’ll deliver it. As part of L&Q, we’ll create a significant social impact in the North West at scale and pace and strive to find innovative solutions to the dire national housing crisis. This will be achieved through an extensive programme of new development and regeneration projects, as well as improving homes for our existing customers.”
L&Q Group Chief Executive, David Montague, added: “THT shares L&Q’s social purpose, values and ambitions, and together, we see the growing need to tackle the housing crisis outside of the South West. We believe the time is right to look at forging a closer union with THT.
“L&Q has strong financial capacity and development expertise, while THT brings its own financial strength, alongside local knowledge, local relationships and an outstanding track record of delivery. By combining these ingredients, we can enable larger, more complex projects to be delivered in a part of a country that is desperate for more high quality, affordable homes.”
Starting today, we will be asking customers for their views on the proposed acquisition during a six-week consultation period.
There are lots of ways that you can tell us your view, including on our website and at drop-in sessions that will be held in your neighbourhood at:
• Wednesday 10 April, 6pm – 8pm - Limelight - 1 St. Brides Way, Old Trafford, M16 9NW
• Monday 15 April, 1pm – 3pm - St. Matthew’s Community Hall, Chapel Lane, Stretford, M32 9AJ
• Wednesday 17 April, 10am – 12pm - Urmston Library, Golden Way, Urmston, M41 0NA
• Thursday 25 April, 6pm – 8pm - Sale West Community Centre, Newbury Ave, Sale, M33 4QJ
• Saturday 27 April, 1pm – 3pm - Broomwood Community Centre, Mainwood Rd, Timperley, Altrincham, WA15 7JF
Please note, this is not a customer vote on whether the acquisition should go ahead. However, we will use your views to help us decide whether to proceed with the acquisition.
The consultation will close on May 14, 2019. We will tell you the outcome of the consultation and our Board’s decision on the proposed acquisition.
If you have any further questions, please get in touch with our Customer Contact Centre by emailing email@example.com or by calling 0300 777 7777.