Construction News

Sat October 20 2018

Related Information

Fastflow takes over Partner Group

5 Mar Fastflow Group, a utilities and property services specialist, has acquired affordable housing developer Partner Group for an undisclosed sum.

Fastflow carries out work in the utilities sector
Fastflow carries out work in the utilities sector

Partner Group has built more than 2,000 new houses on 82 sites across the UK over the past seven years, mainly for registered social housing providers. 

The combined group is set to generate turnover of more than £120m in the next year and provide work for almost 800 people. Partner has a £100m order book and reported profits of £1.7m in 2016/17. Fastflow Group turnover in the same year was £79m, with pre-tax profit of £9.3m and a £300m order book. 

From bases in Washington and Warrington, Fastflow provides infrastructure maintenance and improvement services to Northumbrian Water and Scottish Water and a range of high pressure gas transmission engineering projects for clients such as National Grid and Cadent Gas.

In 2014 it took over Oxford property maintenance and refurbishment business DW Contractors. Through this, it delivers planned and responsive repairs for housing associations owning around 200,000 homes across the south of the UK. 

Partner Group is also based in the northeast and has an office in Derby.

In March 2017 Fastflow Group secured significant capital backing from Elysian Capital to support its growth plans and this has facilitated the acquisition of Partner.

Fastflow chief executive Neil Armstrong said:  “As well as growing our overall business, this deepening focus on the affordable housing sector hugely adds to the offer we have for property providers.  For customers whose homes we currently maintain and repair, we can now help to deliver new build housing targets. With our support, Partner can increase its service offer with additional capacity for new housing, backed by high quality, focused, maintenance and repair programmes.

“The business ethos of the Partner team very much mirrors that of Fastflow, in particular our attention to safety, quality and customer service. I believe that both organisations will learn from each other to become even stronger and I very much look forward to working with our new people to support further growth and improvement.”

Barry Smith, founder and Managing Director of Partner Construction, added:  “We see this as an extremely positive development for the business. The Fastflow senior management team has demonstrated a real commitment to support further growth and development and I feel very confident of a bright future for Partner as part of a larger group and all the expertise and support that offers.”

MPU

More News Channels