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.