21 October 2014
Norse Commercial Services and Great Yarmouth Borough Council have formed a Joint Venture Company to manage and maintain the council's community housing stock.
GYN Asset Management took over the asset management and building maintenance of the council's 6,000 houses as of 1 October.
The 10-year agreement is initially worth around £6 million a year, and is expected to rise over the coming years. It extends Norse's partnership with Great Yarmouth Borough Council - GYB Services, another joint venture between the two organisations, handles local services including refuse collection, cleaning, grounds maintenance, pest control, and other frontline services.
Peter Hawes, Norse managing director, said: "We are really pleased to be building on our long-term relationship with Great Yarmouth Borough Council, which goes back to the formation of GYB Services in 2002. "This new partnership takes the number of joint ventures Norse Group has with UK local authorities to 23, with a combined annual turnover of more than £140 million."
This partnership follows the recent formation of Newport Norse, a joint venture in South Wales, and the company expects further significant growth over the next few months.
Geoff Tucker, Norse sales director, said: "With these new partnerships, and a large number of contract awards across the UK, we have seen a 15 per cent increase in turnover this year, and we expect this success to continue."