Elysian Residences and Audley Group merge to create €3b group

Elysian Residences and Audley Group, two leading UK retirement village developers and operators, are merging to form a new, larger group backed by institutional investment. 

Nick Sanderson

This merger aims to create a sector-leading provider by combining the strengths of both companies and leveraging the benefits of increased scale in a market with significant unmet needs. The newly formed group, with a combined sales value exceeding £3 bn (€3.4 bn), will be the largest retirement village operator in the UK, boasting over 30 villages (operational and in development) and approximately 3,000 properties.
The merger will bring together three distinct retirement village brands: Elysian, Audley Villages, and Mayfield Villages, each with its own identity and target market. Elysian and Audley cater to different segments of the high-end market, while Mayfield focuses on providing a more affordable full-service retirement living option, offering substantial growth potential.
The new corporate group will be led by Gavin Stein as CEO and Nick Sanderson as Chair. Gavin Stein will also continue as CEO of Elysian Residences, and Nick Sanderson will remain CEO of Audley and Mayfield. Both founders have extensive experience in the sector and will be supported by a combined management team drawing expertise from both Elysian Residences and Audley Group.
Gavin Stein, CEO and founder of Elysian Residences, said: “After many years of knowing and respecting Nick, we are delighted that our two companies are coming together and, with our new investors, we will provide a best in market retirement living business of real scale and expertise. This is further proof of the great potential in the rapidly growing residential sector where we will be at the forefront of driving change, embracing new ideas and identifying innovative solutions for our customers and investors.”
Nick Sanderson, CEO and founder of Audley Group, commented: “Investors have recognised the benefits of the long-term secure income stream that retirement villages offer. Now is the right time to capitalise on that interest and bring together aligned brands to create more operating villages. Bringing together the heritage and best practice of the management teams sets us up to remain at the forefront of the retirement living sector. This sector needs scale – it is still very small given the size of the opportunity and the growing older population, and this is a first step to expediting the additional retirement housing units the country so desperately needs.”
Stephen Musgrave, chairman Elysian Residences, added: “The merger of two market leaders in retirement living is a transformational move for the sector and firmly establishes it as an asset class in its own right.”