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Extra-care specialist strikes £61m deal with G15 giant for seven sites
Housing 21 has acquired seven extra-care schemes from Notting Hill Genesis (NHG) for £61m as part of ongoing expansion into London.
The 22,000-home retirement and extra-care specialist has taken on 427 additional properties as a result of the deal with the G15 giant. The deal includes a “large” social care service and will lead to the transfer of “up to” 300 staff, Housing 21 said.
Tracy Jones, Housing 21’s head of extra care in the South, said there would be no redundancies.
“We value the employees transferring, most of whom are care workers, and we are keen to work with them to continue to provide great services to the residents,” she said.
The Birmingham-based operator currently has 21 retirement and extra-care schemes in London, according to its website.
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The additional sites being transferred are: Elgin Close, Mildmays, Penfold Court, Conrad Court, Cheviot Gardens, Mitchison Court and Turnberry Court.
Housing 21 is also acquiring a 60-flat scheme, Minterne Apartments, from NHG for £15m, which is expected to complete in March.
Tony Tench, deputy chief executive of Housing 21, said: “This transfer from Notting Hill Genesis is particularly exciting for us as we expand into London, where there is a real need to improve and increase the provision of extra-care housing for those older people who need it most.”
In its last full year to March 2022, Housing 21 fell to a group deficit of £8.9m as it booked £20.8m in finance costs. Turnover rose 11.5% to £224.4m.
Last September, the group’s finance chief financial officer stepped down with immediate effect after 16 months in the job.
Robert East, director of care and support at NHG, said: “Our decision to transfer the services to Housing 21 followed a thorough selection process which involved our residents, and in the end [Housing 21] was the outstanding bidder.”
In its last full year to March 2022, NHG reported that its support and care division experienced a slight operating loss of £0.1m off a £12.1m turnover.
Mr East said NHG still remained one of London’s “largest providers of supported and older-people’s housing services”.
Since last month, 32,000-home NHG has been run by Patrick Franco, a former Foxtons executive and banker. He replaced the long-serving Kate Davies, who announced last summer she was stepping down.
