Fastflow Group

Affordable housing developer acquired

The Fastflow Group has acquired affordable housing developer Partner Group for an undisclosed sum.

In March 2017, the utilities and property services specialist secured significant capital backing from Elysian Capital to support its growth plans, which has facilitated the acquisition of Partner.

North East-based Partner – which has an office in Derby – has completed over 2,000 new homes on 82 sites across the UK over the past seven years.

The developer’s order book is in excess of £100m and in 2016/17 reported a 190% jump in profits to £1.7m.

Fastflow provides infrastructure maintenance and improvement services to Northumbrian Water and Scottish Water as well as a wide range of high pressure gas transmission engineering projects for clients such as National Grid and Cadent Gas.

Fastflow has acquired 100% of the share capital of the Partner Group and will put in place an investment and development strategy, creating more jobs as it aims to develop sustainable housing communities.

Neil Armstrong, CEO at the Fastflow Group, said the business ethos of the Partner team very much mirrored that of Fastflow.

“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.”

Barry Smith, founder of Partner Construction, added that this was 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.”

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