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Swan Hill joins Audley Court to develop retirement homes


HOUSE builder Swan Hill is teaming up with developer Audley Court to build warden controlled housing for the elderly.

Anton Bilton's Raven Mount group bought Swan Hill a year ago but an £18.1 million pension deficit scuppered plans to re-sell the business.

Mr Bilton explained: 'There are about 70 units a centre and we hope to be building between 50 and 70 centres within seven years.

'We will keep these centres as there will be a regular income from operating them.'

To boost Swan Hill's landbank, Raven Mount is buying developer Raven Group, which is owned by Mr Bilton and partner Bim Sandhu.

Raven Group made a £900,000 pre-tax profit on £8.8 million turnover in the year to April 2004 and has total assets of £9.2 million.

The acquisition values the business at £22 million, which will be paid in new Raven Mount shares.