Partnering for bigger group
Washington-based utilities and property services specialist Fastflow Group has expanded.
The firm has acquired affordable housing developer, Partner Group, for an undisclosed sum.
Based in the North East and with an office in Derby, Partner has completed more than 2,000 new houses on 82 sites across the UK over the past seven years.
Working mainly with registered social housing providers, Partner strives to create desirable, sustainable communities in which people are proud to live and has an A1 rating from both the NHBC and Premier Guarantee. The order book is in excess of £100million and in 2016-17 it reported a 190% jump in profits, to £1.7 million.
The Fastflow Group turnover in the same year was £79 million, with a reported pretax profit of £9.3million and an order book in excess of £300 million. The enhanced group will provide work for almost 800 people and is forecast to push turnover well beyond the £120 million mark in the next financial year.
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.
“With our support, Partner can increase its service offer with additional capacity for new housing, backed by high quality, focused, maintenance and repair programmes.
“The business ethos of the Partner team very much mirrors that of Fastflow, in particular our attention to safety, quality and customer service. I believe that both organisations will learn from each other to become even stronger and I very much look forward to working with our new people to support further growth and improvement.”
North East finance house Cavu Corporate Finance worked with Yorkshire Bank and Lloyds Bank to secure the deal for Fastflow.
Founder and Managing Director Shawn Bone said: “We are delighted to have acted for Fastflow Group in this key acquisition.”