Assura spins-off LIFT arm

HEALTHCARE property services specialist Assura has sold part of its business to a management team backed by North West financier Richard Hughes.

Assura LIFT Holdings, based in Birmingham, caters for the Local Improvement Finance Trust (LIFT) projects.

Former parent Warrington-based Assura Group has retained a 15% stake in the company and additional funding for the management buyout includes a significant personal investment by Richard Hughes, managing director of Manchester-based  Zeus Capital.

The structure of the deal, led by managing director Elaine Siew and development director David Acklam, comprises 100% of the operational and consultancy businesses, together with 25% of the investments. 

Assura LIFT currently manages a property portfolio – valued at £214m – across five LIFT companies, as well as managing seven further buildings in construction worth £54m.

By the end of the year 2012 it is estimated that the combined total of the portfolios will reach £300m.

Elaine Siew commented: “Assura LIFT has developed into the substantial business that it is today through the ongoing support of the Assura Group and we will continue to work closely with them during the next phase of our development.”

She added: ““Whilst continuing to concentrate on the LIFT end of our business, we are looking to expand our property development and consulting activities, focusing on the public sector and the opportunities that will continue to emerge from estate rationalisation.”