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Construction giant buys social housing contractor
Construction giant Henry Boot has bought social housing contractor Starfish Commercial, as it becomes the latest company of its kind to move into the affordable homes sector.
The deal provides investment and strategic support for Derbyshire-based Starfish to grow its pipeline of work and gives Henry Boot voting rights and the rights to make changes within the board of directors.
Henry Boot initially bought a majority stake in Starfish in August but as of 13 December wholly owns the contractor, according to a statement to the stock market.
Starfish works with housing associations and local authorities to deliver affordable and social housing units, often via framework arrangements.
According to its website, it is currently building homes on sites in Scunthorpe, Leeds and Sheffield.
It is also a joint venture partner with Magenta Living in a company called Hilbre Homes, providing sustainable housing in the Cheshire area.
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The deal means Henry Boot becomes the latest large construction firm to move into the social housing market, following the likes of Bovis, which completed a deal to buy Galliford Try’s regeneration division on Friday, and Bellway, which established its London Partnerships arm last March with the aim of working with housing associations.
Colmore Tang Construction has also recently unveiled plans to open up a new business aimed at partnering with housing associations to deliver new homes, while Crest Nicholson is known to be targeting registered providers.
Henry Boot said: “Henry Boot Construction now looks forward to continuing to grow Starfish Commercial’s future pipeline of opportunities in the social housing market, to add to its already strong order book for 2020 and beyond.”
