Investments

Washington property services firm acquires UK affordable housing developer

UK affordable housing developer

Fastflow Group, the property services firm, has acquired UK affordable housing developer Partner Group for an undisclosed sum

Fastflow Group, a Washington property services firm has acquired the UK’s Partner Group, an affordable housing developer for an undisclosed sum and it aims to continue to develop sustainable housing communities. The enhanced group is forecast to push turnover well beyond the £120m mark in the next financial year. Almost 800 people will find work as a result of the acquisition.

The Fastflow Group is a utilities and property services specialist which secured significant capital backing from Elysian Capital in March 2017 to support its growth plans and this has facilitated its acquisition of the Partner Group.

The Partner Group is an affordable housing developer based in the North East which has completed over 2,000 new houses on 82 sites across the UK over the past seven years. Having an A1 rating from both the NHBC and Premier Guarantee, the group mainly works with registered social housing providers. Its order book is in excess of £100m, and in 2016-17 it reported a 190 per cent jump in profits, to £1.7m.

The Fastflow Group reported a turnover of £79m in the same year, with a reported pre-tax profit of £9.3m and an order book in excess of £300m.

Fastflow has acquired 100 per cent of the share capital of the Partner Group and will implement an investment and development strategy, creating more jobs and continuing to develop sustainable housing communities.

Welcoming the Partner team to the Fastflow Group, chief executive officer, Neil Armstrong, said that the group is looking forward to working with its new colleagues. As well as growing the overall business, this deepening focus on the affordable housing sector hugely adds to the offer the group has for property providers. He further said, for customers whose homes it currently maintains and repairs, it can now help to deliver new build housing targets. Armstrong added that with the group’s support, Partner can increase its service offer with additional capacity for new housing, backed by high quality, focused, maintenance and repair programmes.

The founder and managing director of Partner Construction, Barry Smith added that the group sees this as an extremely positive development for the business. He added that the Fastflow senior management team has demonstrated a real commitment to support further growth and development and he feels very confident of a bright future for Partner as part of a larger group and all the expertise and support that it offers.

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