United Living restructures housing arm

United Living will wind down its new-build housing arm after a strategic review by owners Apollo Global Management, shifting focus to utilities infrastructure and social housing maintenance.

United Living quits new-build housing as costs mount

United Living will wind down its New Homes division but will complete current housing schemes. The group says the decision follows a strategic review by its US private equity owners, Apollo Global Management, which bought the business in 2023 and wants to shift focus to utilities infrastructure and social housing maintenance. Despite the pullback in housing, turnover rose 17% to a record 718 million pounds for the year to March 2025, driven by growth in its utilities and social infrastructure divisions and by acquisitions including AFECO, Pilon, GTEC, Jones Lighting and Andawes. Ongoing operations, excluding New Homes, rose 23% to 582 million and adjusted EBITDA climbed 33% to 68.5 million.

Analysts say the shift reduces exposure to the housing cycle but raises new risks. Relying on longer-term utility contracts and maintenance work can steady cash flow, yet it leaves the group more exposed to interest costs and budget pressures in public projects. Apollo Global Management's strategy to grow through acquisitions in energy and infrastructure fits a broader private equity trend toward diversified, asset-heavy platforms rather than single-market builders.

On the upside, the cash pile and recent deals may fund a longer growth runway and keep United Living resilient through housing downturns. On the downside, the heavy debt burden and the decision to pay a large dividend could squeeze balance sheet flexibility. The coming year will test whether this pivot delivers durable value for investors, workers, and customers as the company navigates a tougher market for development and maintenance alike.

Highlights

The next year will reveal whether the pivot pays off.