Washington property services firm turns over £79m acquiring housing developer

Utilities and property services specialist, Fastflow Group, has acquired affordable housing developer, Partner Group, for an undisclosed sum.

Headquartered in the North East and with an office in Derby, Partner has completed over 2,000 new houses on 82 sites across the UK over the past seven years.

Working mainly with registered social housing providers, Partner aims to create sustainable communities, and has an A1 rating from both the NHBC and Premier Guarantee. 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 turnover in the same year was £79m, with a reported pre-tax profit of £9.3m and an order book in excess of £300m.

The enhanced group will provide work for almost 800 people and is forecast to push turnover well beyond the £120m mark in the next financial year.

In March 2017, Fastflow Group secured significant capital backing from Elysian Capital to support its growth plans and this has facilitated the acquisition of Partner.

Fastflow has acquired 100 per cent of the share capital of the Partner Group and will put in place 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: “We are looking forward to working with our new colleagues.

“As well as growing our overall business, this deepening focus on the affordable housing sector hugely adds to the offer we have for property providers. For customers whose homes we currently maintain and repair, we can now help to deliver new build housing targets.

“With our support, Partner can increase its service offer with additional capacity for new housing, backed by high quality, focused, maintenance and repair programmes.”

Barry Smith, founder and managing director of Partner Construction, added: “We see this as an extremely positive development for the business.

“The Fastflow senior management team has demonstrated a real commitment to support further growth and development and I feel very confident of a bright future for Partner as part of a larger group and all the expertise and support that offers.”

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →