controls in 1954 allowed Wimpey to re-enter the private housing market. It did so in a substantial way through its regional structure, becoming the country's first national housebuilder; by 1972 Wimpey was building private houses at an annual rate of 12,500, some three times the rate of its nearest competitor. Although Wimpey experienced rising profits in the 1970s, thanks to its Middle East contracting, the group was beginning to lose direction. Godfrey Mitchell may have retired as Chairman in 1973 but he remained a director and a dominant figure until his eventual retirement from the Board in 1981, following his 90th birthday. Operational control was diffused between four joint managing directors, and the regions rather than the centre were the dominant force. Unlike some of the newer housebuilders, Wimpey's housing was mixed in operationally with its construction business. Volumes declined and, by the end of the 1980s, private housing sales were down to around 5,000 houses a year. Acquisitions and Merger Despite attempts to change, private housing remained contractor dominated, but in November 1995, the Board announced a radical solution: Wimpey was to transfer its construction and minerals divisions to Tarmac in return for the latter's housing division (largely McLean Homes). Wimpey was once again selling 12,000 private houses a year. Two more major housing acquisitions followed, both divisions of contractors seeking to focus on their core contracting business. In August 2001, McAlpine Homes was acquired from Alfred McAlpine, bringing with it a 4,000 houses a year business; the following year Wimpey bought the 1,200 houses a year Laing Homes from John Laing. In March 2007, the company announced plans for a £6 billion nil premium merger with Taylor Woodrow, to be called Taylor Wimpey. The merger was effected by means of a scheme of arrangement, leaving the original Taylor Woodrow shareholders with 51% of the new Taylor Wimpey. Taylor Woodrow provided the new chairman and finance director, while the chief executive and the managing director came from Wimpey. Tudor Trust When Mitchell took George Wimpey public in 1934, he set up a unique ownership scheme wherein the charitable Tudor Trust held about half of the firm's shares. The Tudor Trust later diluted its stake to 5% (as a result of a rights issue) from 34%, which was in itself steadily reduced over the years. Just before the Taylor Wimpey merger on 2 July 2007, the Tudor Trust no longer