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Taking a contrarian view


Due to our knowledge of the industry, and the relationship we had built with management, we were able to take a contrarian viewpoint on the unfashionable nature of the UK social and affordable housing sector.


Keepmoat is the UK’s leading developer of low-cost, affordable housing building over 3,000 houses a year.

Keepmoat develops homes targeted at the affordable, first-time buyer market in areas outside of London. Keepmoat typically develops brownfield land in partnership with local authorities, delivering high quality homes primarily for the private sale market.


Our involvement in the UK social housing sector dates back to 2008 when we were first involved with VPS Holdings (“VPS”) which, amongst other activities, provided property and security services to the social housing sector in the UK. 

During our ownership of VPS, we gained an in-depth understanding of the unique dynamics of the customer base (local government and similar entities) and their associated funding streams, and the competitors within Keepmoat’s market.

We identified Keepmoat as the leading player within the social housing maintenance industry, and one of very few national players with a full range of services. However, Keepmoat was severely constrained by its capital structure and ownership, both of which were a result of a debt-for-equity restructuring completed by Lloyds Banking Group in 2012.

Due to our insight into the business and industry, as well as our strong relationship with management, we were well positioned to acquire Keepmoat and completed the transaction in November 2014.

In May 2017 we sold Keepmoat’s social housing maintenance division (Keepmoat Regeneration) to ENGIE – a French conglomerate. 

What we've done

Since TDR’s acquisition, Keepmoat’s housebuilding business has expanded substantially. We have led investment in geographical expansion, increasing the number of operating regions from 4 to 8, thus doubling the potential capacity of the business. In addition, Keepmoat acquired a regional competitor, MCI, in January 2017, further enhancing its scale and broadening its customer relationships.

As a result, Keepmoat is now the market leader in the provision of affordable housing for private sale, constructing more than 3,000 new affordable homes per year.

Further information

Date of investment: November 2014
Deal type: Private sale
Status: Partially realised

For further information, email:  keepmoat@tdrcapital.com
Visit the company’s website at:  keepmoat.com