 | |
| Company type | Subsidiary |
|---|---|
| Industry | Real estate |
| Founded | 29 July 1996 |
| Headquarters | London, UK |
Key people |
|
| Parent | Terra Firma Capital Partners |
| Website | www |
| Footnotes /references [1] [2] | |
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]
In 2012 Nomura sold Annington Homes to Terra Firma for £3.2bn. 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]
BAE Systems plc is a British multinational aerospace, defence and information security company, based in London, England. It is the largest manufacturer in Britain as of 2017. It is the largest defence contractor in Europe and the seventh-largest in the world based on applicable 2021 revenues. Its largest operations are in the United Kingdom and in the United States, where its BAE Systems Inc. subsidiary is one of the six largest suppliers to the US Department of Defense. Its next biggest markets are Saudi Arabia, then Australia; other major markets include Canada, Japan, India, Turkey, Qatar, Oman and Sweden. The company was formed on 30 November 1999 by the £7.7 billion purchase of and merger of Marconi Electronic Systems (MES), the defence electronics and naval shipbuilding subsidiary of the General Electric Company plc (GEC), with British Aerospace, an aircraft, munitions and naval systems manufacturer.
Sir Liam Fox is a British politician who served as Secretary of State for International Trade from 2016 to 2019 and Secretary of State for Defence from 2010 to 2011. A member of the Conservative Party, he was the Member of Parliament (MP) for North Somerset, formerly Woodspring, from 1992 to 2024.
Kevan David Jones, Baron Beamish,, is a British Labour Party politician who served as Member of Parliament (MP) for North Durham from 2001 to 2024. He has been a member of the House of Lords since 2024.
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Guy Hands is an English financier and investor. He is most notable as the founder and former chairman of Terra Firma Capital Partners, one of the largest private equity firms in Europe. Hands also was chairman of the UK music company EMI.
QinetiQ is a multinational defence technology company headquartered in Farnborough, Hampshire. It operates primarily in the defence, security and critical national infrastructure markets and run testing and evaluation capabilities for air, land, sea and target systems.
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Phoenix Natural Gas is the largest gas distribution business in Northern Ireland, being the owner and operator of the licence for the distribution network in the Greater Belfast area. The distribution business is responsible for the development of the pipeline network and also for providing a 24/7 operational and transportation service platform to suppliers under the rules of the company's network code. The ongoing investment within the Phoenix Natural Gas licence area does not attract any grant or support from local or UK government. The investment is a standalone private venture.
Housing Benefit is a means-tested social security benefit in the United Kingdom that is intended to help meet housing costs for rented accommodation. It is the second biggest item in the Department for Work and Pensions' budget after the state pension, totalling £23.8 billion in 2013–14.
St Eval is a civil parish and hamlet in north Cornwall, England, United Kingdom. The hamlet is about four miles (6.5 km) southwest of Padstow. The parish population at the 2011 census was 960.
Terra Firma Capital Partners Ltd. (TFCP) is a UK-based private equity firm. Financier Guy Hands founded the firm in 2002 through the spin-off of Nomura Principal Finance Group. The firm, which traces its roots to the formation of its predecessor in 1994, has invested over €14 billion since inception.
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Caversham Finance Limited, trading as BrightHouse, was the largest rent-to-own company in the United Kingdom, with 240 stores. It was a national chain that provided home electronics, domestic appliances, household furniture, other related products on a hire purchase agreements. Cash loans were offered towards the end of the company's existence.
Corporate Watch is a research group based in the UK. It describes itself as a "research group that helps people stand up against corporations and capitalism." And as a "not-for-profit co-operative providing critical information on the social and environmental impacts of corporations and capitalism." It was established in 1996.
Tim John Robert Pryce is a British businessman and previous CEO of Terra Firma Capital Partners, a leading European private equity investment firm, and one of its founding members. Pryce is also on the board of the General Partners as well as part of Terra Firma's management committee. Pryce is reported to be the highest paid director at the firm.
Vonovia is a European multinational real estate company based in Bochum, North Rhine-Westphalia. Its history goes back to Deutsche Annington, which merged with GAGFAH and was subsequently renamed Vonovia. The company currently owns around 565,000 apartments in Germany, Sweden, and Austria, establishing it a significant market player in these countries. Vonovia is a member of the DAX 40 and STOXX Europe 600 blue-chip indexes.
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