Your browser is no longer supported

For the best possible experience using our website we recommend you upgrade to the newest version of your browser.

Your browser appears to have cookies disabled. For the best experience of Construction News, please enable cookies in your browser.

Welcome to the Construction News site. As we have relaunched, you will have to sign in once now and agree for us to use cookies, so you won't need to log in each time you visit our site.
Learn more

Hyde Group ends £30bn housing association merger plans

Housing associations L&Q and Hyde Group have ended plans to merge together, marking the end of a £30bn three-way merger with East Thames.

Hyde Group announced yesterday that the proposed merger with L&Q and East Thames would not be going ahead due to “practical issues” that “cannot be overcome without disproportionate effort”.

Although ending merger plans was a mutual decision, it is understood by Construction News that both housing associations held different views on timings, with L&Q wanting to move faster than Hyde Group.

Hyde Group offered no further comment on its reasons for walking away from the deal.

L&Q and East Thames will instead move towards a two-way merger.

In a statement released yesterday, L&Q said that the two housing associations “remain committed to merging”  and will continue to work towards providing 100,000 new homes across London and the South-east.

The merger was expected to save £50m a year within five years through back-office changes, flexible working, “growth through development” and combined purchasing power in procurement.

Both L&Q and Hyde Group said that they will “continue to work collaboratively to our mutual benefit” and wished each other the best for the future.

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.