Plans for mega three-way housing association merger falls apart.
Plans to create a mega 135,000-home housing association capable of building 100,000 homes over 10 years have been scuppered with Hyde pulling out of the proposed three-way merger with L&Q and East Thames.
The proposed development plans would make it the UK’s fourth largest housebuilder. In a statement L&Q said: “Since we announced we were exploring the merger in April the three organisations have been working closely together to understand each other’s businesses and plans. We wanted to be certain that we could achieve more together than we could alone.
“As a result of this work, L&Q and The Hyde Group have today mutually agreed to end our merger plans. L&Q and East Thames will instead work towards a two-way merger. As financially strong organisations, both L&Q and Hyde remain committed to growth and have ambitious plans to build more homes to help alleviate the housing crisis in London and the South East.
"There are practical issues which cannot be easily overcome, and we concluded that in the current environment of unparalleled change and opportunity, resolving these issues would require time we do not have."
“However, it has become apparent that there are practical issues which cannot be easily overcome, and we concluded that in the current environment of unparalleled change and opportunity, resolving these issues would require time that we do not have.
“Meanwhile, L&Q and East Thames remain committed to merging. Together, working within our financial capacity, we will continue to pursue our vision to create 100,000 new homes, a new training academy, a new community foundation, and a care and support subsidiary. We are already working with other likeminded organisations to ensure we can deliver this ambition.”
