Pictured above: (l-r) Paul Wisher, Paul Casey and Martin Corbett

Derby housing provider Derwent Living has launched a new facilities management company - and intends to use thousands of pounds made in profit to boost affordable housing schemes across the county.

The new company, Derwent FM, will be a subsidiary under the Derwent Living group of businesses, says Paul Wisher, commercial director.

In a unique partnership, Derwent Living has joined forces with Martin Corbett, formally of Operon, who has over 15 years' direct experience in the industry. Centro Place Investments, Derwent Living's investment company, has a 75% stake in the new business with Mr Corbett owning the remaining quarter.

Mr 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 facilities management sector."

Derwent Living, which owns, manages and provides services to 11,000 homes, has been looking to move into facilities management for some time, said Mr Wisher.

"This deal combines our not-for-profit ethos and Martin's commercial acumen, providing an excellent working partnership," he added.

"Our forecasts show that in six years, Derwent FM will be turning over £20 million to £25 million, which means there will be large amount of profit to go back to support the core affordable housing part of the business.

"There is less housing grant available from the HCA, and so housing providers like ourselves are having to think of ways of raising funds to continue building much-needed affordable properties for people who are in the greatest need or cannot afford to buy their own homes. This is a crucial part of our business and a main aim for Derwent Living over the next decade."

With the facilities management market in the UK currently estimated at £118 billion a year, Derwent Living saw an opportunity and a market with more potential for growth, said Mr Wisher.

"We see in the current economic climate and pressure on cost on public and private sector, the need for outsourcing to continue," he added.

Derwent FM's initial focus will be the student accommodation market, Derwent Living's owns student schemes across the Midlands and the south, and commercial property, local and central government.

The company will be headed by Paul Wisher, Martin Corbett and Derwent Living development director Paul Casey.

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 facilities management services 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 lift facilities."

For more information about Derwent Living, please visit their website here: www.derwentliving.com