Backing for social housing contractor marks HBOS's latest move into the housing sector
HBOS has extended its foray into the housing sector by backing a £783m management buyout of social housing contractor Keepmoat.
The move comes a fortnight after HBOS took a stake in social housing maintenance specialist Apollo, and follows its earlier takeovers of Crest Nicholson and McCarthy & Stone.
Under the deal, Keepmoat will become a minority shareholder in the business, alongside the management team led by chief executive David Blunt.
Blunt said: “Over the last 75 years the company has achieved outstanding growth in the regeneration sector… This transaction will allow us to provide a greater platform for these efforts and allow the whole company to continue to develop.”