Calico Group reports 'strong interest' in formation of £88m joint venture company

The Calico Group says it has received strong interest from potential partners to create an £88 million joint venture company (JVC).

The landlord, which owns and manages more than 4,500 homes, plans to set up the JVC with an external partner to carry out investment work and housebuilding for both Calico and other clients over the next 10 years.

Responsive repairs and voids work will continue to be provided by its existing in-house workforce.

Michael Birkett, Calico’s Chief Executive, said: “It is critical we continue to adapt and respond effectively to our changing operating circumstances, and especially the tough fiscal environment.

“We’re looking for an innovative partner to help deliver a quality service to Calico Homes, and strong commercial growth for the benefit of the Group.”

The new company will be a subsidiary of Calico Homes Ltd and will become the fourth company in the Calico Group.

Following a recent ‘Meet the Buyer’ event, Calico has received a significant amount of interest from potential partner organisations.

The procurement process is currently being handled by award winning procurement specialists Valueworks, and the contract will be awarded early summer.

Calico is keen that the Joint Venture complements its existing work in helping people obtain training and apprenticeship employment opportunities through its subsidiary Calico Enterprise Ltd, and the Constructing the Future Lancashire initiative.