Audley Group and Elysian Residences announce merger to create sector leading retirement village provider.
Leading retirement villages developers and operators Elysian Residences and Audley Group today announced their merger, under a new Group company, with external investment from institutional funds.
The Group has been created to bring together the best practice of two market-leading companies, combining all the benefits of increased scale in an underserved sector. The size of the new Group is significant, with a combined sales value of over £3bn, making it the largest retirement village provider in the UK, with more than 30 villages, both operating and in the pipeline, representing some 3000 individual properties.
This opportunity unites two founders with aligned approaches and values in their respective businesses, which have been operating independently and successfully in the sector.
The merger brings together three retirement village brands, Elysian, Audley Villages and Mayfield Villages. All award-winning, with strong customer identities, which they will retain. Elysian and Audley are complementary models which have already reached significant scale and will continue their growth trajectories to bring new units to market across the country. Mayfield, in the mid-market, is a relatively new brand in an underserved sector, and offers significant growth potential, providing as it does the same full-service model but at a much more affordable price point.
The opportunity is extensive. Savills recently reported owner occupiers aged 65 plus hold a record £2.6 trillion of net housing wealth. In 2024, the pipeline of retirement housing in the UK reached just 30,000 homes, falling short of the 50,000 per year needed to meet the demand in the sector. £1.25 billion was invested and committed to the retirement housing market in 2024, with investment expected to increase in 2025 according to the latest Knight Frank UK Seniors Housing Market Update (1st June 2025)
The three village brands will sit under a new corporate group, which will be led by Gavin Stein as CEO, and Nick Sanderson as Chair with Gavin remaining CEO of Elysian Residences, and Nick as CEO of Audley and Mayfield. Nick and Gavin are the founders of the two businesses and have known and worked with each other on sector dynamics for over 15 years. They will be supported by a strong management team which brings together all the expertise within 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, said,
“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. I have hugely admired what Gavin has created with Elysian Residences and cannot think of a better merger partner. 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, said
“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. It is 11 years since Gavin established Elysian Residences and he and Nick will forge this new market leader for the benefit of all the customers, investors and the outstandingly loyal teams that have been built up over the years.”
