Derwent Living launches new FM company

15 July 2010

L to R: Paul Wisher, Paul Casey, Martin Corbett

Former MD of Operon, Martin Corbett, has joined forces with housing provider Derwent Living, to form a new FM company, Derwent FM.

Derwent Living and Martin Corbett have formed Derwent FM. Centro Place Investments, Derwent Living’s investment company, has a 75 percent stake in Derwent FM, with Mr Corbett owning the remaining quarter.
Derwent Living’s commercial director Paul Wisher said: “This is a partnership combining our strength as a major housing provider across the Midlands, South Yorkshire and the South East, and the expertise of Mr Corbett who has a wealth of knowledge in the FM sector.”
Derwent Living, which owns, manages and provides services to more than 11,000 homes, has been looking to move into FM for some time and has provided £200,000 in funding to launch the new venture. Commenting on the deal, Wisher said, “This deal combines our not-for-profit ethos and Martin’s commercial acumen, providing what we see as an excellent working partnership. Our forecasts show that in six years, Derwent FM will be turning over £20m to £25m, which means there will be large amount of profit to go back to support Derwent Living’s core affordable housing. We see in the current economic climate and pressure on cost on public and private sector, the need for outsourcing to continue.”
The company will be headed by Paul Wisher, Martin Corbett and Derwent Living development director Paul Casey. It will focus initially on the student accommodation market as well as commercial property, local and central government. Derwent Living’s owns student schemes across the Midlands and the south.
Martin Corbett said, “This is a really exciting venture and I am delighted to be joining forces with Derwent Living. We will be combining our skills to provide an expert service to users. We see a real big opportunity and need for quality FM in current student accommodation market, both for institutional and investors of student accommodation and increasingly for universities themselves for on campus accommodation. We see a real opportunity for complimentary markets, such as providing services directly to commercial property owners, central government and local government buildings and non acute healthcare facilities.”