The change of ownership is effective immediately.
With an annual turnover of £50 million and contracts covering over 100,000 properties, predominantly in the London and the northern home Counties markets, Linbrook will become a new division of Wates Living Space, which currently builds or refurbishes approximately 30,000 homes a year on more than 73 affordable housing frameworks.
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The acquisition places Wates Living Space at the forefront of the UK's affordable housing market, equipped with the essential skills to provide customers with a full range of services: new-build, refurbishment, energy improvement and response maintenance.
The combined businesses will enable Wates to develop a national response maintenance business, matching Linbrook's deep expertise with Wates' strong national footprint. This will allow Wates Living Space to expand into providing response services to non-housing market sectors such as education, railways and civic buildings.
Ian Burnett, Managing Director of Wates Living Space, said: "We are delighted to be joining forces with the Linbrook team to achieve Wates Living Space’s vision to be the leading provider of affordable housing in the UK. The acquisition not only offers us the exciting opportunity to grow into new markets, but will also benefit our customers, who will be able to access a fully integrated, cost-efficient service, all under one roof."
(CD)
