Hyde acquires £175m-turnover property services management company Pinnacle

Hyde Group has acquired property services management firm Pinnacle.

The G15 landlord has announced it has bought the entire share capital of Pinnacle, which manages 70,000 homes on behalf of councils, institutional investors and housing developers. It also provides neighbourhood services and works with schools, hospitals and local authorities.

The move means £175m-turnover Pinnacle is now a wholly-owned commercial subsidiary of Hyde Group, with the latter now managing 120,000 homes in total as a result of the deal.

A Hyde spokesperson said the move will enable Hyde to generate additional resources to meet the needs of residents and help enable it to “transform itself into a leading national housing and property services management organisation”

Andy Hulme, group chief executive officer at Hyde Group, described the deal as a “a game-changing moment for Hyde, our current and future customers, and the wider housing sector.

He said: “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 of the government’s housing strategy.”

The group believes the enlarged Hyde Group’s breadth and reach will provide a “unique platform” to build on Hyde’s track record of attracting large-scale institutional capital into affordable housing.

>>See also: From global banking to social housing with Hyde boss Andy Hulme 

Hulme told Housing Today in 2023 he wishes to grow Hyde through the increased use of “sophisticated third-party funding models”. The group has a deal with M&G and Homes England under which the former is investing £500m in 2,000 new shared ownership homes.

Hyde has also also set up a for-profit provider of social housing jointly owned with insurance giant AXA Investment Management.

Perry Lloyd, group chief executive of Pinnacle Group, said: “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.”