MTVH plans £250m fire safety remediation framework

Like its G15 peers, MTVH has faced significant building safety costs in the wake of the Grenfell Tower fire. In its last full year, the landlord reported an £80m deficit due to £110m of fire safety works and write-downs.

The G15 group said previously that it expected its members’ spending to hit £3.6bn by 2036.

MTVH’s contract notice said: “Contractors are expected to have an understanding and experience of PAS guidance for principal contractors and working practices under the Building Safety Act / Building Regulations.”

The landlord is hoping to attract SMEs to the framework and the contracts range in value from £100,000 to over £2m. 

An MTVH spokesperson told Social Housing: “The safety and well-being of residents is our absolute priority. Our seven-year building safety programme, which we announced earlier this year, is not a single project and will involve a range of contractors carrying out works at a number of MTVH locations over the life of the programme.

“This is an essential component of providing safe and secure homes to residents whilst protecting leaseholders from the cost of remediation work.”

In December, S&P raised its outlook on MTVH to stable from negative, as the agency said it expected MTVH’s credit metrics to “stabilise” despite the group’s significant investment in existing homes.

S&P also pointed to MTVH’s efforts to contain costs and secure external funding.

In May, the landlord announced it had secured a £100m three-year sustainability-linked loan from Japanese bank MUFG.

Geeta Nanda, MTVH’s long-serving boss, is stepping down this autumn and will be replaced by the chief executive of financially troubled Nottingham City Council.