Wigan-based social housing builder MCI Developments has been acquired by Keepmoat for an undisclosed sum. MCI said it will continue to operate with no changes to either management or day-to-day operations.
MCI currently has live projects worth £70m on 18 sites, including schemes in Manchester, Liverpool, Preston, Winsford, Congleton and Crewe, and has a further £100m of projects in the pipeline for the next three years. Clients include Your Housing Group, Places for People, Adactus, Regenda, New Charter and Liverpool Housing Trust.
In the year to March 2016 Keepmoat reported revenues of £1.1bn, with 2,400 properties sold by its homes division. The Doncaster-headquartered business was formed in 2012 by the merger of Apollo and the Keepmoat group, comprising Bramall Construction, Frank Haslam Milan, Milnerbuild and Keepmoat Homes.
Dave Sheridan, Keepmoat chief executive, said: “The MCI Developments model is a natural fit with Keepmoat’s capital-light business model and the two businesses already have a number of clients in common. We’re looking forward to working with them towards our common goal of building more homes faster and making a positive contribution towards solving the UK’s housing crisis.”
Andy Garnett, director of MCI, said: “We recognise the significant financial and operational benefits that this will generate for the long-term growth of our business.”