Mears wins new Residential Living Accommodation Project contract

Housing and social care provider Mears Group said on Monday that it has been awarded a new Residential Living Accommodation Project contract that will see it provide a wide range of housing services to the Defence Infrastructure Organisation.

Mears stated the award, subject to contract and the successful completion of a standstill period, covers a term of up to seven years and comes with an annual value in excess of £50.0m. The contract was expected to commence in April.

Under the contract, the London-listed firm will provide a wide range of accommodation and property services to service personnel and their families across the UK, including property search, selection and leasing, relocation services, tenancy management, responsive repairs and maintenance.

Chief excecutive David Miles said: "With this contract award we can continue to provide the highest levels of service to these key personnel and their families and value for money to the DIO.

"Together with our contracts with the Home Office and the Ministry of Justice, today's successful award underlines that Mears is recognised as a trusted partner for specialist housing management services across Central Government departments. This award puts the Group in an excellent position for 2022 and beyond."

As of 0825 GMT, Mears shares were up 2.50% at 205.0p.