精东影视

Barratt finally triumphed over Wimpey and HBOS in the battle to buy Wilson Bowden. Even after a year of frenzied corporate activity, the 拢2.2bn deal stands out. Not only is it the biggest ever in housing, but it may mark an acceleration in the consolidation process that, according to one well-informed commentator, will end with a triumvirate of volume housebuilder in a few years鈥� time.

Barratt has always been Britain鈥檚 best recognised housebuilder, thanks largely to Lawrie Barratt鈥檚 helicopter, and the sale of that house to Margaret Thatcher. The company鈥檚 business strategy has been conservative, too. Under David Pretty, its devotion to organic growth was so strong that it could have had a Soil Association seal of approval. Now, however, the distinctions between housebuilders, developers and just lately supermarkets are being eroded by the growth of mixed-use regeneration, and that strategy isn鈥檛 quite enough. Part of the attraction of Wilson Bowden is that it comes with a property development arm that can handle the commercial element of mixed-use. As for houses, the geographical fit is good, as is the mix of products. And it seems that Barratt could also learn a thing or two from Wilson Bowden鈥檚 design team.

Of course, it鈥檚 still a brave move. HBOS and Sir Tom Hunter walked away from the table, which might set some alarm bells ringing. And Barratt lacks Persimmon鈥檚 expertise in getting the most out of integration. It鈥檚 predicting cost savings of 拢45m from its deal whereas Persimmon squeezed 拢60m from its takeover of the (much smaller) Westbury.

But what about Anderson鈥檚 predicted implosion? Well, given that anything with land or property assets seems to be of intense interest to private equity raiders 鈥� and even Sainsbury鈥檚 and Tesco 鈥� traditional players know that they will have to choose between being the diner or the dinner. So, what are the odds on a Persimmon bid for Wimpey or Taylor Woodrow? Or a Redrow鈥揃ovis merger? Like any good soap, or pantomime, the question is: what happens next?

It doesn鈥檛 add up

Tony Blair鈥檚 target of delivering 400 city academies by 2010 is in trouble. A procurement overhaul has doubled the number of schools to be built and halved the number of consultants deployed to help build them. As a result, the industry is warning that the target is likely to be missed. At the heart of the revamp is the merger of the overall programme manager and the construction project manager, which in principle makes sense. Understandably, the consultants are badgering the government about how the new system will work, but perhaps they should also ask the chancellor whether the academies programme has a future in the longer term.