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The 4,500 home Calico Group has appointed Forrest as its partner for its new £88 million joint venture company.
The new company, Ring Stones Maintenance and Construction, is a subsidiary of Calico Homes and will carry out work for both Calico and other clients.
The joint venture is aiming to secure up to £88 million in revenue over its 10 year lifetime, including investment programme work for Calico’s properties and house building totalling more than £45 million.
Calico’s existing DLO programme for responsive and void works will be unaffected.
It is anticipated that the new company will deliver lower cost investment and house building work, whilst also assisting Calico’s growth by trading commercially in the open market.
Ring Stones will directly employ the labour force with a recruitment campaign for 30 new staff underway, whilst also complementing its work in helping people obtain training and apprenticeship employment opportunities, further supporting the NHF’s Apprenticeship Pledge.
Forrest was appointed by Calico following an open procurement contest which was handled by Valueworks.
Calico customers were also involved in the process and on the selection panel.
Michael Birkett, Calico’s Chief Executive, said:
“Ring Stones will increase our efficiency through significant VAT savings and direct control of labour and supply chain costs.
“Additionally, we anticipate that a more competitive cost base and a potential use of commercial profits will ensure that we are able to continue to develop new housing supply, particularly post- 2015 when the availability of grant subsidy may be squeezed again.”
Lee McCarren, Chief Executive of Forrest, added:
“Our joint venture provides Calico with the means to access additional funding to improve the homes of thousands of its tenants.
“Ring Stones will be based in heart of Calico’s communities and employing people from within those communities, helping to ensure that its investment supports local supply chains and employment.
“From an operational perspective, Calico’s on-the-ground understanding of the issues which affect its tenants will be invaluable to both Ring Stone’s teams as they work in across Pennine Lancashire over the next decade.”