Affinity Sutton Capital Markets PLC Statement from Affinity Sutton (7154I)
2015年12月11日 - 4:01PM
ＲＮＳを含む英国規制内ニュース （英語）
TIDM51GC
RNS Number : 7154I
Affinity Sutton Capital Markets PLC
11 December 2015
Statement to Lenders and Investors on behalf of the Board of
Affinity Sutton
The Boards of Affinity Sutton Group and Circle Housing Group
hereby announce that, following agreement of a business case to
merge at Board meetings on 10 December 2015, they have agreed to
proceed with the merger process.
The two Groups have decided that consolidation will result in a
stronger business model, better able to build more new homes and
provide greater investment in local communities. The proposed new
Group will be one of Europe's largest housing associations with
127,000 properties, providing homes for nearly 500,000 people.
There is an acute shortage of new housing in the UK. The country
needs 250,000 new homes a year, and yet only around 140,000 are
being built. The proposed Group will have the ambition to deliver
5,000 new homes annually, with 50,000 homes being built in the 10
years from 2019, around 30,000 more homes than the planned output
of the two individual Groups. We would expect the proposed new
Group to be among the top five house builders in England by
volume.
Furthermore, changes in government policy provide a further
catalyst for the sector to work more efficiently and the Boards
believe that consolidation will create a business more resilient to
the impact of government reforms.
Work will commence immediately to make arrangements for the
planned merger to be concluded by the Summer of 2016. As key
partners for both Groups, lenders and investors will be an
essential part of that process. We will make further contact with
lenders and investors in the New Year and both Groups look forward
to continuing these positive relationships in future years.
For further information please contact:
Mark Washer, Group Finance Director, Affinity Sutton Group
on
mark.washer@affinitysutton.com or 07803 512 658
Or
Alex Hunter, Marketing and Communications Director, Affinity
Sutton Group on alex.hunter@affinitysutton.com or 07736 621 366
This information is provided by RNS
The company news service from the London Stock Exchange
END
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December 11, 2015 02:01 ET (07:01 GMT)
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