RCS - Hyde Group - The Hyde Group acquires the Pinnacle Group
31/10/2024 15:45
For best results when printing this announcement, please click on link below: https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20241031:nRSe4667Ka&default-theme=true RNS Number : 4667K Hyde Group 31 October 2024 Press release 31 October 2024 Hyde acquires Pinnacle to deliver a game-changing moment for the housing sector The Hyde Group (Hyde) has announced that it has made a strategic investment to acquire the Pinnacle Group (Pinnacle), the national provider of housing and community-facing neighbourhood services, delivering a game-changing moment for the housing sector. The acquisition sees Marlet Homes Limited (part of the Hyde Group) acquiring Pinnacle and its subsidiaries through the purchase of the entire issued share capital of TStar Pinnacle Limited. The acquisition is a fundamental enabler of Hyde's strategy to transform itself into a leading national housing and property services management organisation. Hyde's charitable and social purpose is unchanged, and all the surplus Hyde generates will be reinvested in the communities it serves. The enlarged Group owns and manages around 120,000 homes across all tenures, and provides neighbourhood services to around 350,000 homes. In addition, it works with a large number of schools, universities, councils, housing associations, the emergency services and private sector organisations. This combined reach makes it one of the largest and most diverse housing, property, and community services providers focused on improving communities across the UK from over 200 sites and with over 5,000 colleagues. The breadth and reach of the enlarged Hyde Group provides a unique platform that builds on Hyde and Pinnacle's combined expertise in attracting large-scale institutional capital to invest in the affordable housing sector. This will enable the Group to expand the growth of its housing services platform to private and public sector clients at a national level, supporting the delivery of homes across all tenures, with a natural focus on affordable homes. Pinnacle will operate as a standalone subsidiary within the Hyde Group, retaining its unique identity, client relationships, executive management and operational teams. Andy Hulme, Group Chief Executive Officer of The Hyde Group, said: "We're delighted to be welcoming Pinnacle colleagues, customers, and clients into the Hyde Group. This is a game-changing moment for Hyde, our current and future customers, and the wider housing sector. "By combining our shared knowledge and expertise, we'll be able to accelerate our growth and improve our services to both build and create communities that people can be proud of. By prioritising communities and embracing innovation, we'll simultaneously improve service delivery to existing customers and accelerate access to the market-leading services we offer, meaning we can do more, for more communities, and play our role in support the government's housing strategy." Perry Lloyd, Group Chief Executive of Pinnacle Group, said: "We are excited to join forces with Hyde Group, a partnership that will amplify our impact across all living sectors, including affordable housing. By combining our strengths, we can innovate more effectively and deliver high-quality, well-managed homes and communities nationwide. This collaboration marks a significant step forward in our shared mission to ensure we meet the evolving needs of new and existing communities, customers and clients." Ends Notes to Editors The investment completed on 31 October 2024 · For further information, please contact communications@hyde-housing.co.uk (mailto:communications@hyde-housing.co.uk) · To find out more about the Hyde Group visit www.hyde-housing.co.uk (http://www.hyde-housing.co.uk) · To find out more about Pinnacle Group visit www.pinnaclegroup.co.uk (http://www.pinnaclegroup.co.uk) Key statistics Homes owned and managed c.120,000 Homes provided with neighbourhood services c.350,000 Armed forces homes under management c.50,000 Schools, colleges and universities served with facilities management services >160 Institutional investor clients >20 Public authority clients, including central and local government, Police, fire >60 services and housing associations Group turnover c.£550m Group owned Registered Providers 7 Additional annual social value impact >£110m Number of colleagues >5,000 Locations 200+ Customer needs met p/a >2 million Housing tenures under management and ownership Tenure Number managed and owned by the Hyde Group Affordable rented c.45,000 Private residential c.14,500 Government c.50,000 Private rented c.3,000 Purpose built student accommodation c.1,600 Later living and supported living c.3,400 www.hyde-housing.co.uk (http://www.hyde-housing.co.uk) hydegroup (http://www.facebook.com/HydeGroup) the-hyde-group (http://www.linkedin.com/company/the-hyde-group) This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. 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