Lovell powers on
Who?
Lovell, the affordable housing provider based in Birmingham and Tamworth.
Did what?
Has acquired Powerminster Gleeson Services from M J Gleeson group, for £6.6m.
What does this mean?
All Powerminster’s contracts, and the company’s 178 employees, will transfer to Lovell’s response maintenance division, Lovell Respond. The deal with Powerminster, which specialises in providing long-term estate management services on private finance initiative (PFI) schemes, will significantly enhance the range of services offered by Lovell to its social housing partners.
Who advised?
Morgan Sindall group, Lovell’s parent company, was advised by Wragge & co.
Insider comment:
This is a weighty acquisition by Lovell, and its Respond division will benefit from several powerful PFI contracts previously secured by Powerminster. These include include a £48m, 28-year facilities management contract for Leeds City Council’s Leeds Independent Living Project programme; a £29m, 31-year contract to provide facilities management services for five extra care housing schemes in Cheshire and a £35m, 30-year contract for estates management services at the Stanhope estate in Ashford, Kent.
“Powerminster’s expertise in long-term PFI estates and facilities management complements Lovell Respond’s strength in day-to-day maintenance services,” says Lovell managing director Stewart Davenport. “With social housing contracts increasingly being tendered on a combined ‘planned and response maintenance’ basis, the expanded business will create a seamless ‘one stop shop’, offering clients the full range of maintenance services alongside our expertise in new-build and refurbishment.”
