Former MTVH boss joins board of newly formed Barratt Redrow
Geeta Nanda, former chief executive of Metropolitan Thames Valley Housing (MTVH), has been appointed as a non-executive director of newly formed Barratt Redrow after the £2.5bn merger between the house builders was signed off by the competition watchdog.
The Competition and Markets Authority (CMA) said last week that it had “accepted undertakings” for the £2.5bn deal between Barratt and Redrow after its concerns were resolved.
In an update to the markets, David Thomas, chief executive of Barratt, described the clearance as a “significant milestone”.
Mr Thomas confirmed that the two businesses would now start integration under the new name Barratt Redrow, with the full process expected to take a year and a half.
Ms Nanda, who officially stepped down from G15 landlord MTVH last month after 16 years, is among three new board appointments by the new firm.
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Matthew Pratt, group chief executive of Redrow, and Nicky Dulieu, a non-executive at Redrow, who also sits on the board of WH Smith, have also joined the board of Barratt Redrow.
Ms Nanda also took up a trustee role at homelessness charity Crisis last month.
Caroline Silver, chair of Barratt Redrow, said: “The combined expertise of our board members will help to ensure that we continue to deliver the high quality, service and sustainability that both Barratt and Redrow are known for, while achieving a successful integration process which preserves the best of both organisations for the benefit of our people, our customers, our partners and our shareholders.”
Mr Thomas said: “With this combination, we have created an exceptional house builder, in terms of quality, service and sustainability, able to accelerate the delivery of the homes this country needs. Together, we offer a broader range of homes and price points for our customers who we will continue to put at the heart of everything we do.”
The tie-up between Barratt, the UK’s biggest house builder, and Redrow was agreed by the firms in March. But it later came under scrutiny from the CMA, which launched an initial phase investigation.
While the watchdog had no concerns over competition at a national level, it did flag up that the two firms’ high combined share of land could affect the market in the area around Whitchurch, Shropshire.
In a report released by the CMA on Friday (4 October), it was confirmed the obstacles to the merger had been removed after the builders agreed that the remaining unsold homes in Whitchurch will be sold by an independent agent.
Joel Bamford, executive director for mergers at the CMA, said that the proposed measures represented “as comprehensive a solution as is reasonable and practicable”.
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