Press Release
10th January, 2010
L&Q launches dedicated construction subsidiary
London housing association L&Q is launching a construction business, Quadrant Construction, to develop
affordable housing projects across its future portfolio.
Launching Quadrant Construction, which is a wholly-owned subsidiary of L&Q, will allow the housing
association to deliver a portion of its 10,000 unit pipeline as lead contractor, taking on the risk, reducing
costs and increasing efficiencies.
The business will be headed up by Stuart Miller, currently Director Direct Procurement at L&Q, with
support from a ten-strong team of property and construction specialists. It has been funded via a £50m
on-lending facility from L&Q.
Its first project will be the 146-home redevelopment of Silwood Phase 4C in Lewisham. Construction will
begin on 17th January, with completion planned within two years.
Jerome Geoghegan, L&Q’s Director of Development, said: “Working with external contractors can be risky
in a post-recession climate, with the ever-present possibility of contractor failure. At the same time, in
boom times investing in a subsidiary business can help ensure we can generate adequate surpluses to
reinvest in future developments.
“While we will continue to work with other developers to build and increase our portfolio, by launching
Quadrant Construction we believe we are better spreading our risk, as well as maintaining a diverse
business offering and varied profit streams.
“We believe this diversification is crucial to business success in a fluctuating market, ultimately putting us
in a better position to continue providing new homes and fulfil our ambitious development pipeline, as
well as providing services in our communities. In today’s market, more than ever, it is vital for housing
providers to ensure delivery certainty so we can continue to build the thousands of affordable homes
urgently needed across London and the South East.”
Initially Quadrant Construction will focus solely on the delivery of L&Q projects such as Silwood scheme,
but the offering may be expanded into the wider market in the future.
-EndsNotes to Editors:
About L&Q:
L&Q is one of the UK’s leading housing associations and builds high quality, affordable homes across a mix
of tenures – including general needs rent, intermediate market rent, part buy, part rent (affordable home
ownership) and outright sale. This includes building new homes as well as refurbishing old ones.
L&Q is involved in large scale community regeneration projects across London and is committed to
investing in local neighbourhoods and communities and has dedicated Neighbourhood Investment teams.
L&Q works in partnership with local authorities and local and national voluntary and community agencies
to develop opportunities for residents.
Our Neighbourhood Investment focus at present is on:
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Skills, training and employment
Involving young people
Community development
Working with our partner organisations
Financial inclusion
For further information contact Alice Williams, L&Q’s Senior Press Officer, 0844 406 9000 ext 5155
awilliams@lqgroup.org.uk