Annington Homes is a provider of privately rented homes in the United Kingdom,[3] specialising in converting former Ministry of Defence (MoD) housing for the general public since 1996.[4] Since 2012, the company has been a wholly owned subsidiary of Terra Firma Capital Partners.[3]
In 1996, the MoD sold all its housing for military personnel and their families, 57,400 properties, to Annington Homes for £1.67bn as part of a broader process of privatisation of state assets, making Annington the largest owner of residential property in England and Wales.[3] Annington Homes had been established earlier that year as a shell company by Nomura Holdings; Nomura's Guy Hands played a central role in the deal.[3] The MoD lacked funds to maintain the properties, and intended to rent the homes from Annington at a discounted rate, while allowing the company to sell homes the armed forces no longer required.[3] The rent per house paid by the MoD nearly doubled between 1997 and 2016, and in 2016 the MoD paid dilapidations of £21,809 on average when returning homes to Annington.[3] As of 2017, around 20,000 of the 57,400 homes had been sold on.[3]Kevan Jones, who was Parliamentary Under-Secretary of State for Veterans under Gordon Brown, described the MoD's deal with Annington as "an incredibly bad deal for the taxpayer."[3]Alan West, Baron West of Spithead, the former First Sea Lord, said the armed forces had failed to understand the long-term consequences of the deal at the time it was made.[3] In 2022, the MoD announced plans to use the Leasehold Reform Act 1967 to reverse the privatisation deal and return the properties to public ownership.[5] Terra Firma said it would challenge the decision in court.[5]
annington, homes, provider, privately, rented, homes, united, kingdom, specialising, converting, former, ministry, defence, housing, general, public, since, 1996, since, 2012, company, been, wholly, owned, subsidiary, terra, firma, capital, partners, annington. Annington Homes is a provider of privately rented homes in the United Kingdom 3 specialising in converting former Ministry of Defence MoD housing for the general public since 1996 4 Since 2012 the company has been a wholly owned subsidiary of Terra Firma Capital Partners 3 Annington LimitedTypeSubsidiaryIndustryReal estateFounded29 October 2012 10 years ago 2012 10 29 HeadquartersLondon UKKey peopleIan Rylatt Chief executive officer Stephen Leung Chief financial officer ParentTerra Firma Capital PartnersWebsitewww wbr annington wbr co wbr ukFootnotes references 1 2 In 1996 the MoD sold all its housing for military personnel and their families 57 400 properties to Annington Homes for 1 67bn as part of a broader process of privatisation of state assets making Annington the largest owner of residential property in England and Wales 3 Annington Homes had been established earlier that year as a shell company by Nomura Holdings Nomura s Guy Hands played a central role in the deal 3 The MoD lacked funds to maintain the properties and intended to rent the homes from Annington at a discounted rate while allowing the company to sell homes the armed forces no longer required 3 The rent per house paid by the MoD nearly doubled between 1997 and 2016 and in 2016 the MoD paid dilapidations of 21 809 on average when returning homes to Annington 3 As of 2017 around 20 000 of the 57 400 homes had been sold on 3 Kevan Jones who was Parliamentary Under Secretary of State for Veterans under Gordon Brown described the MoD s deal with Annington as an incredibly bad deal for the taxpayer 3 Alan West Baron West of Spithead the former First Sea Lord said the armed forces had failed to understand the long term consequences of the deal at the time it was made 3 In 2022 the MoD announced plans to use the Leasehold Reform Act 1967 to reverse the privatisation deal and return the properties to public ownership 5 Terra Firma said it would challenge the decision in court 5 References Edit Directors Profile Retrieved 14 July 2020 Companies House Company Profile Retrieved 14 July 2020 a b c d e f g h i Watt Holly 25 April 2017 How the MoD s plan to privatise military housing ended in disaster The Guardian Retrieved 2 December 2018 Empty MoD homes cost millions BBC 6 March 2008 Retrieved 2 December 2018 a b Kollewe Julia 27 January 2022 MoD seeks to buy back 38 000 homes leased from firm run by billionaire The Guardian Retrieved 2 April 2022 External links EditAnnington Homes Terra Firma company entry This article about a company of the UK is a stub You can help Wikipedia by expanding it vte Retrieved from https en wikipedia org w index php title Annington Homes amp oldid 1080839500, wikipedia, wiki, book, books, library,
