United House faces buy-out
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United House, one of the largest social housing contractors in southern England, is on the verge of a management buy-out.
It is understood that a team of five directors, led by current chief executive Jeffrey Adams, is in discussions with Lloyds Banking Group to fund a deal to buy the company.
The deal has been prompted by the retirement of founder and chairman Geoffrey Granter after 45 years with the business. He is understood to have a 90 per cent stake, which The Sunday Times valued at £63 million in its Rich List last year.
Lloyds would be the minority partner in the deal and would own less than 50 per cent of the £190 million turnover business.
The company has development and refurbishment orders worth £600 million and is contracted to refurbish 50,000 homes by the end of 2010 as part of the decent homes programme. In August 2009 the firm achieved a record year, with its operating profit trebling to £6.8 million on a 61 per cent increased turnover of £190 million.
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