7th Nov 2006 07:00
Inspace Plc07 November 2006 Press Release 7 November 2006 Inspace plc ("Inspace" or "the Company") Social Housing - contract and framework wins Inspace plc (AIM:INSP), one of the UK's leading specialist service providers tothe social housing market, today announces that, through its social housingdivision, it has won new contracts expected to be worth £88 million, increasingthe Group secured orders and frameworks position to approaching £1.45 billionextending as far as 2020. The awards comprise a new repairs and maintenancecontract with Yorkshire Coast Homes together with five framework arrangementswith Bedfordshire Pilgrims Housing Association, East Thames Housing Group, TheHome Group, Nene Housing Society and Toynbee Housing Association. Inspace will provide Yorkshire Coast Homes, a Registered Social Landlord (RSL),with responsive repairs and maintenance services to 4,200 properties in theScarborough, Whitby and Saltburn coastal area of North Yorkshire. This newcontract, which has been won from the incumbent Mitie Group plc, will bemobilised by 1 December 2006. The award is expected to be worth at least £18million over the full six year period (including three year contract extension),with the potential for the value to increase organically from this level. The five framework awards, which are expected to contribute total combined salesof around £70 million, each position Inspace as a preferred contractor under afour-year programme that will deliver a variety of new social and affordablehomes. This brings the total number of such frameworks secured by the Companyto nineteen. Under The Home Group framework, Inspace has been jointly commissioned by theHousing Corporation to participate in one of the sector's most innovative andhigh profile schemes, investigating the effectiveness of modern methods ofconstruction during the creation of 106 mixed tenure homes in Cambridgeshire. Chris Durkin, the Chief Operating Officer of Inspace's social and affordablehousing divisions, said: "We are extremely pleased to have secured thesecontracts and look forward to a long and successful partnership with eachcustomer. The awards reinforce our position as a leading social housingservices provider and are an ideal fit with our over-arching strategy to providesocial housing landlords with a one-stop shop of continually improving services." - Ends - EnquiriesInspace plcAndrew Telfer, Chief Financial Officer Tel: +44 (0) 1462 678 [email protected] www.inspace.co.uk Seymour PierceMark Percy, Corporate Finance Tel: +44 (0) 20 7107 [email protected] www.seymourpierce.com Media enquiries:AbchurchHenry Harrison-Topham Tel: +44 (0) 20 7398 [email protected] www.abchurch-group.com Notes to editors Inspace plc is a property based support services group, and one of the UK'sleading specialist service providers to the social housing market, Inspace nowhas three complementary areas of activity: Social Housing, Affordable Housingand Corporate Assets. Social Housing - creating and maintaining sustainable homes The division is one of the UK's leading specialist support service providers tosocial housing landlords through long term framework contracts. Its servicescomprise major 'repair and maintenance', 'stock reinvestment' and new buildprogrammes for local authorities, Arms Length Management Organisations (ALMO)and Registered Social Landlords (RSLs). Total spending on social housing is currently around £14 billion per annum, ofwhich around £10.3 billion is spent on repair, maintenance and improvement. Ofthis, £4 billion is spent on ongoing repair and maintenance, with the remaining£6 billion being spent on capital projects such as major refurbishment andimprovement. This includes a contribution of between £1 billion and £2 billiona year from the Decent Homes initiative. The provision of new housing, which iscurrently running at around 35,000 units a year, adds a further £3.5 billion tothis sum. Affordable Housing - developing integrated communities The Affordable Housing division specialises in the provision of low cost homesfor sale in partnership with RSLs, usually alongside social housing built by theSocial Housing division, as part of more extensive mixed tenure schemes. It hasalready established a number of joint venture companies with RSLs and throughits involvement in the Key London Alliance consortium, has been appointed toprovide mixed tenure developments under the Government's London Wide Initiative. Corporate Assets - improving and maintaining public and private real estate The Corporate Assets division provides a comprehensive repair, maintenance,capital works and interior design service across public and private sectornon-residential real estate. It delivers 24/7 integrated maintenance servicesacross England, Scotland and Wales through its national network of branches and'home based' mobile engineers. Its specialist design-led service offerscustomers an integrated interior design, installation and furnishing 'one stop'solution. Further information on Inspace can be found at www.inspace.co.uk This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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