Posted on 31 October 2024
We’re pleased to share the news that the Pinnacle Group (Pinnacle) has been acquired by Hyde and has joined the Group.
Pinnacle is a national organisation that manages over 70,000 homes on behalf of central and local government, institutional investors and housebuilders. It also provides neighbourhood services, including on behalf of social housing providers, and delivers services supporting schools, hospitals, and local councils.
The acquisition sees Hyde acquire Pinnacle and its subsidiaries through the purchase of the entire issued share capital of TStar Pinnacle Limited.
We’re making a strategic investment to bring Pinnacle into the Hyde Group. This will help strengthen Hyde by generating additional resources to better meet the needs of existing customers.
The acquisition is a fundamental enabler of Hyde’s strategy to transform itself into a leading national housing and property services management organisation. Hyde’s charitable and social purpose is unchanged, and all the surplus Hyde generates will be reinvested in the communities it serves.
The enlarged Group owns and manages around 120,000 homes across all tenures, and provides neighbourhood services to around 350,000 homes. In addition, it works with a large number of schools, universities, councils, housing associations, the emergency services and private sector organisations. This combined reach makes it one of the largest and most diverse housing, property, and community services providers focussed on improving communities across the UK from over 200 sites and with over 5,000 colleagues.
The breadth and reach of the enlarged Hyde Group provides a unique platform to build on Hyde’s track-record of attracting large-scale institutional capital to invest in the affordable housing sector. This will enable the Group to expand the growth of its housing platform to private and public sector clients at a national level, supporting the delivery and acquisition of affordable homes by the Group.
Pinnacle will join the Hyde Group and operate as a subsidiary, keeping its existing team and delivering services to existing clients.
Andy Hulme, Group Chief Executive Officer of The Hyde Group, said: “We’re delighted to be welcoming Pinnacle colleagues, customers, and clients into the Hyde Group. This is a game-changing moment for Hyde, our current and future customers, and the wider housing sector.
“By combining our shared knowledge and expertise, we’ll be able to accelerate our growth and improve our services to both build and create communities that people can be proud of. By prioritising communities and embracing innovation, we’ll simultaneously improve service delivery to existing customers and accelerate access to the market-leading services we offer, meaning we can do more, for more communities, and play our role in support the government’s housing strategy.”
Perry Lloyd, Group Chief Executive of Pinnacle Group, said: “We are excited to join forces with Hyde Group, a partnership that will amplify our impact across all living sectors, including affordable housing. By combining our strengths, we can innovate more effectively and deliver high-quality, well-managed homes and communities nationwide. This collaboration marks a significant step forward in our shared mission to ensure we meet the evolving needs of new and existing communities, customers and clients.”