Following a failed rights issue in late 2018, financially troubled Kier Group began an extensive restructuring, debt reduction, cost-cutting and disposals programme in 2019, and, after significant interest in its housing division Kier Living, said it had started the sale process;[2]Guy Hands' Terra Firma Capital Partners was later reported to be among the bidders.[3] Sale of the business was slowed by the COVID-19 pandemic in the United Kingdom but by early 2021, it had progressed, with Kier hoping to receive around £100m for the business.[4]
On 6 April 2021, Sky News confirmed that Kier Living would be sold to Terra Firma,[5] for £110m, subject to agreement at a meeting of Kier shareholders in early May, with completion expected by mid-June 2021.[6] Kier Living was bought by a new company owned by Hands,[7] and was rebranded as Tilia Homes in May 2021.[1][8] The business completed over 1,100 private and affordable homes in the year to June 2020.[1][8] It built 1,450 homes across its central, eastern, northern and western regions in the year to June 2021.[9]
In July 2021, Terra Firma bid £700m to buy Keepmoat Homes with a view to combining it with its former Kier Living business.[10] Keepmoat was subsequently acquired by Aermont Capital.[11]
