United House, the leading social and private housing specialist, has secured financial backing from mid-market private equity firm LDC to continue its expansion strategy.

The Company specialises in the new build and refurbishment of affordable and social housing, private developments in central London, and the delivery of Public Private Partnership (PPP) and Private Finance Initiative (PFI) schemes.

LDC has acquired a minority shareholding in the Company and is providing the necessary funding to continue United House's growth strategy. Additional bank funding has been provided by The Royal Bank of Scotland plc.

Following the retirement of Geoffrey Granter (who founded the company in 1964), the Company remains majority owned by the existing management, with Jeffrey Adams continuing to lead the business as Group Chief Executive. Stephen Halbert, an experienced chairman and board member across a wide range of companies, has joined the Group Board as Non Executive Chairman. Kevan Leggett, Managing Director of LDC in the South, will also join the Board.

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Jeffrey Adams said: "The partnership with LDC is a tremendous boost for our business and all the people working hard to make it a success. LDC's backing will help the Company's continued growth and enable us not only to expand our capabilities and services, but also to work closely with local authorities and RSL's building more social and immediate housing, and to carry out energy-saving refurbishment works.

"We will also be expanding the private residential development side of our business, building on our unrivalled expertise to extract maximum value from challenging inner city sites."

Current contracts being undertaken by United House include a partnership with Cathedral Group, both as investor and contractor, in the £77 million Clapham One regeneration project, Renzo Piano’s Central St Giles scheme in Covent Garden where United House is developing both affordable homes and private apartments with a GDV of £60 million, and Hale Village in North London, where United House is contracted to provide major infrastructure projects.

(CD/GK)