Construction and Infrastructure

Turnover continues to build for Gloucestershire housing business with big ambitions

Written by: Andrew Merrell | Posted 28 September 2020 9:03

Turnover continues to build for Gloucestershire housing business with big ambitions

In a year punctuated by the big black dot of covid-19 at its end a Gloucestershire house-builder and landlord nevertheless managed to increase turnover from £25.5m to nearly £27m. 

Its long-terms goals of building 1,000 new homes by 2028 Years remains intact and while it has not been immune from the impact of the pandemic it is confident it can meet its targets. 

We are talking about Two Rivers Housing, the Newent-based social housing provider which in recent years has placed more emphasis on its strategy of building homes and sees itself as a modest catalyst for construction in Gloucestershire economy.

 

Pictured: Staff at Two Rivers Housing outside their Newent headquarters (pre-pandemic). Garry King, front.

The full effects of the pandemic will no doubt be felt for many months to come. However, the actions of our team have enabled us to navigate these uncertain times while maintaining investment in our homes and continuing to deliver our ambitious growth plans,” said Garry King, chief executive officer for the business. 

I am confident that ourapproach and recovery plans will enable us to move forward with key projects such as our development programme,environmentalstrategy and investment in our team. 

Our financial position remains robust, with a turnover of £26.9m and a total surplus of £3.3m for this financial tear. Over the last year we have spent £20.3m building 187 new homes and £2.9, upgrading ourexisting homes. 

We have made significant progress on our ambition to deliver 1,000 new affordable homes by 2028, delivering 187 new homes for rent of shared ownership in 2019/20 and are already making good progress on building 123 in the current financial year. 

As an anchor organisation, we can help to play an important part in the local economic recovery by supporting our employees, local suppliers an organisation an in keepingpeople sage and healthy. 

The financial results and our response to the pandemic are a true testament to the hard work of our employees, board members, partners and contractors. 

Yvonne Leishman, chairman, said the company's response to the challenges of 2020 had been “robust”. She said the group had managed its fourth year of rent cuts and faced “increased costs arising from the recommendations of the Grenfell Enquiry and ongoing pressures on its customers from benefit changes”. 

Last week Two Rivers Housing revealed it had secured a £130 million pound investment package to support its delivery of affordable homes and stock investment across Gloucestershire and Herefordshire. 

The company, which has more than 4,100 homes across the two counties, secured what it called “its first private placement investment” of £80m from a US-based institutional investor.