Vistry to “fully focus” on partnerships

Housing and regeneration specialist Vistry is changing its strategy to focus its operations fully on “high return partnerships”.

Announcing pre-tax profits of £114.2m for the first half of 2023 (up 2.6% on the first half of 2022), the firm said it plans to fully merge its housebuilding operations with its partnerships business before the end of the current financial year.

“The scale of the social need for affordable mixed tenure housing across the country continues to increase and it is clear that Vistry is uniquely positioned as the leader in partnerships housing,” explained chief executive Greg Fitzgerald.

He added that the firm’s recent acquisition of Countryside has “firmly established” it as “the leading provider of affordable mixed tenure housing in the UK”.

Vistry’s half-year update said its partnerships business has a strong forward order book totalling £3bn.