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Statement regarding Joint Venture, 31 January

Live Verde North West is the joint venture between WElink Group and Your Housing Group, forming part of Live Verde – WElink’s UK modular housing delivery platform.

In a joint statement, Live Verde and Your Housing Group said: “One of the most important facets of the housing crisis is that for more than three decades Britain has not built enough homes to meet demand.

 

“As organisations we agree that modular, off-site construction is one of the key elements of solving the housing crisis, enabling us to build homes more quickly in order to meet that demand. Like many organisations that have announced plans to build off-site manufactured homes we have not been able to bring forward our plans as quickly as we had hoped. In working to bring our plans to fruition we have to date been unable to unlock projects at agreed commercial terms that would enable us to build off-site manufactured homes in large numbers. Nevertheless, both Live Verde and Your Housing Group remain committed advocates of the benefits of modern methods of construction. While we are unable to find a way forward at this time, we acknowledge that a positive working relationship has been created between the parties and we have not ruled out working together in the future.”

 

Brian Cronin, CEO of Your Housing Group, said:

 

“We are already pressing ahead with our growth strategy to build more than 5,700 homes in the next six years, representing a 20% increase to our current stock. Our exciting build programme is unaffected and will continue to deliver high-quality homes by both modern methods and traditional means of construction. We remain committed to exploring innovative ways to build more new homes across all tenure types, including affordable-rent homes. We passionately believe that modular and other modern methods of construction provide a new way forward for the housing sector.”

 

Your Housing Group owns and manages 28,000 homes across the North of England.

 

Ajmal Rahman, Chairman of WElink, commented:

 

"WElink are disappointed to hear of the YHG Board decision to withdraw from the JV, which we learned of on Tuesday January 30th. This was one element of our UK strategy to deliver off-site manufactured, energy-efficient housing in large numbers across all tenures. WElink will take time to consider the implications of this decision and comment further in due course. WElink remains committed to helping solve the UK housing crisis and our Chinese partners CNBM / CTIEC have recently reaffirmed their technical and financial support for our business and its partners. They have reaffirmed this support directly to the UK Government and to UK Housing, and supported it by signing an MOU for the development of housing with Swansea City Council in December. Through CNBM / CTIEC, WElink are offering a fully-funded construction solution of £2.5bn for the development of housing with prospective partners in the UK. As part of our global strategy we are continuing to enhance our UK housing team to develop this business and grow our delivery capability."