The UK’s prominent development and property services company has strategically acquired a well-known social housing provider. This acquisition aims to bolster its capabilities and expand its service offerings, particularly in heating, compliance, and renewable energy.
Operating from Knowsley and other prime locations, the acquired social housing provider brings a wealth of experience and a dedicated workforce. This union is set to enhance service delivery and market presence across various regions.
Strategic Acquisition Strengthens Market Position
In a strategic move to bolster its capabilities, the UK’s leading development, construction, and property services company has acquired a renowned property services business specialising in social housing. By incorporating this entity into its existing framework, the company aims to extend its services into heating, compliance, and renewable energy sectors, consequently enhancing its market position.
The acquired business, headquartered in Knowsley, Merseyside, has a significant presence across the north west, north east, and south west of England. Employing around 1,100 individuals, the company’s core operations span Manchester, Leeds, Portsmouth, Havant, and Cardiff, providing extensive property repair, maintenance, heating, and compliance services to approximately 50 social housing clients through its subsidiary.
Enhanced Service Offerings
By integrating the newly acquired business, the company will expand its service offerings, particularly in the areas of heating, compliance, and renewable energy services. This holistic approach will not only serve their current clients more comprehensively but also attract potential clients looking for robust property solutions.
The newly acquired entity will continue to operate under its existing name, ensuring continuity in service delivery. This strategic acquisition aims to maintain high standards of service for its current clientele and their tenants.
Financial Performance and Future Prospects
Privately owned, the acquiring company boasts a workforce of approximately 4,500 and reported a turnover of nearly £2.2bn in the last financial year, a 15% increase from the previous year.
This financial growth is further complemented by a record forward order book of £8.54bn as it enters the new financial year. The acquisition is expected to contribute positively to the company’s financial trajectory.
David Morgan, Executive Managing Director, stated, “We’ve been actively seeking a specialist property support business to expand and strengthen our existing expertise in the social housing sector. In Liberty, we’ve found the strategic fit we were looking for.”
Shared Values and Vision
Both companies share a purpose-driven ethos, focusing on reimagining spaces for people to thrive, with positive impacts on communities and the environment. This alignment in values is expected to facilitate a smooth integration and collaborative working environment.
Wates Group CEO, Eoghan O’Lionaird, emphasised, “Wates and Liberty are both purpose-driven businesses. At Wates, we reimagine places for people to thrive, ensuring all our work brings positive benefit to people, places, and planet.”
Leadership Perspectives
Group Managing Director of Liberty, Ray Jones, expressed, “By joining Wates, we enter the next stage of our growth and development. Our combined service provision brings a stronger offer to both existing and potential clients, especially in property and renewable energy decarbonisation.”
This collaboration is anticipated to ensure continued high-quality services for Liberty’s current clients and an exciting future for both companies and their employees.
Operational Continuity and Future Plans
As the transition unfolds, Liberty will continue trading under its own name while integrating into the parent company’s operations. This approach ensures that service delivery remains seamless for their clients, covering property repairs, maintenance, heating, and compliance services.
Future plans include leveraging the combined expertise of both entities to embark on new projects, particularly in construction and decarbonisation, thereby broadening their service portfolio and market reach.
This strategic acquisition signifies a pivotal moment for both entities, ushering in an era of enhanced service offerings and shared values. The combined expertise and resources are poised to deliver exceptional value to clients and communities alike.
The ongoing collaboration promises to leverage their shared vision, ensuring continued growth and positive impacts within the social housing sector.