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    MER   GB0005630420


Delayed London Stock Exchange  -  11:35 2022-08-05 am EDT
203.00 GBX   +1.50%
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Mears : awarded Tower Hamlet Homes five-year general build contract

07/03/2022 | 09:53am EDT
Mears Group awarded Tower Hamlet Homes five-year general build contract
July 1, 2022
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Mears Group will deliver a new general build services contract for Tower Hamlets homes following an extensive and competitive procurement process.

The contract begins on 1 July 2022 and lasts for five years with the option to extend it for up to an additional five years. It covers the day-to-day responsive repairs and emergency repairs in residents' homes and in communal areas, void properties and out of hours call handling.

The new contract increases the availability of appointments and introduces extended working hours until 8pm Monday-Friday and between 8am - 4pm on Saturdays. THH will monitor the repairs contract against a set of strict performance targets to ensure Mears continues to deliver and improve the service provided to residents.

As part of the new contract Mears has made a commitment to appoint ten level-two apprentices and provide two graduate placements to people who live in the local community. The company has also committed to the creation of new community gardens as well as supporting the ongoing maintenance of these spaces. Additionally, Mears will support the redecoration and maintenance of some community buildings used and managed by Tenants and Residents Associations.

Residents can report their repairs in the usual way online through MyTHH or by telephone on 020 7364 5015.

Ann Otesanya, Interim Chief Executive, Tower Hamlets Homes said:

At the start of this procurement process we consulted with our residents to help us understand what they wanted to see from the repairs and maintenance service they receive. I am confident that the new contract with Mears delivers what our residents asked for and they will see an improved service delivered in a more flexible way. We have a long history of working with Mears and are confident that this new contract will help us to deliver great services.

Peter Baldwin, Managing Director, Mears Group Plc, added:

We are delighted to have been appointed to serve Tower Hamlets Residents and to continue our partnership with the community. We are committed to delivering an outstanding repairs service which is fit for the future and a service that both communicates effectively with Residents and listens and learns from feedback. Mears aim is to always be a safe pair of hands for our customers, and we are looking forward to supporting the THH vision to reinvent its repairs service for the future. We also place great emphasis on our engagement with communities and I particularly welcome the focus on social value activity and developing local employment opportunities through this ongoing partnership.

Press Release PDF


Mears Group plc published this content on 01 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 July 2022 13:52:08 UTC.

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Sales 2022 861 M 1 037 M 1 037 M
Net income 2022 19,3 M 23,2 M 23,2 M
Net cash 2022 60,9 M 73,4 M 73,4 M
P/E ratio 2022 15,0x
Yield 2022 4,41%
Capitalization 225 M 271 M 271 M
EV / Sales 2022 0,19x
EV / Sales 2023 0,17x
Nbr of Employees 5 500
Free-Float 98,3%
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Mean consensus BUY
Number of Analysts 4
Last Close Price 203,00 GBX
Average target price 265,50 GBX
Spread / Average Target 30,8%
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David John Miles Chief Executive Officer & Executive Director
Andrew Christopher Melville Smith Finance Director & Executive Director
Kieran Murphy Independent Non-Executive Chairman
Lucas Jordan Critchley Chief Operating Officer
Dame Julia Unwin Senior Independent Non-Executive Director
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