A team from the Leeds office of Hammonds LLP has advised Shipley-based registered social landlord, Accent Group, on the sale of its shares in two NHS Local Improvement Finance Trust (LIFT) companies in Bradford & Airedale, and Tees Valley & South Durham.
The Group has sold its share in the businesses to a consortium comprising; Equitix Fund 1, an investment company specifically designed to invest in healthcare projects, Community Ventures Management Ltd and Community Solutions Investment Partners Ltd, who are both established investors and operators of LIFT businesses in other regions. Equitix is no stranger to Accent, having bought the association’s interests in its Leeds Private Finance Initiative contract in February last year.
Accent owned the two LIFT companies, which were created in close partnership with the NHS Primary Care Trusts in the two localities, and was also responsible for providing them with development and construction of new healthcare buildings and related facilities management services.
The sale comes as the final part of Accent’s strategy to re-focus on its residents and its core business as a housing landlord, and to deliver quality affordable housing and community regeneration services to people in its communities in need.
Chief Executive of Accent Group, Gordon Perry, said:
“We are very proud of what we have achieved with these two businesses, and of the modern, high standard of services we have been able to help to provide to people living in Bradford and Airedale and Tees Valley and South Durham. Now, Accent can go firmly back to its roots and refocus on its main aim – to provide affordable, high quality housing and services to our residents who are at the core of our business. We are delighted that Equitix has chosen to be involved with us. They provide excellent services and I am sure that the sale is in the best interests of all parties involved”.
Alastair Gourlay, Managing Director of Community Solutions Investment Partners commented:
“This purchase marks our involvement in eight strategic public private partnerships with the NHS and our third in Yorkshire. We are excited about the opportunities that exist in the development and in particular management of NHS assets and we look forward to supporting our new partners in Bradford & Airedale through their future challenges.”
This is Hammonds’ first instruction for Accent Group and commenting on the transaction, corporate senior associate, Richard Hunt who led the team added:
“We are delighted to have acted on this complex and challenging transaction which was of strategic importance to Accent, as it has allowed the Group to return to it roots and focus on it core business . It was also particularly rewarding to work with a team comprised primarily of Yorkshire advisors.”
Richard Hunt was assisted by lawyer Helen Young.
KPMG Leeds provided financial advice to Accent whilst Addleshaw Goddards acted for the consortium of buyers.
