Property News | New housing group for UK

Browse By Subject

Money

Property

Social

Professional

New housing group for UK

Thursday, July 02, 2009

Source: Catherine Deshayes

A merger of two housing associations will create one of the UK's largest housing groups, with over 30,000 homes...

As of now Sovereign Housing Group and Wessex Housing Partnership are joining together to form an enlarged group, which will retain the Sovereign name.

This is the first group to group amalgamation since the TSA was formed and comes after many months of planning and negotiation in a difficult financial climate.

At the same time, WHP's main subsidiaries - Kingfisher H.A. and HVHS Housing Group will also unite to form Kingfisher HVHS Housing Association, which will be Sovereign's fourth partner member, alongside Sovereign, Twynham and The Vale Housing Association.

The enlarged Sovereign Group will now encompass more than 30,000 homes across south and south west England, making it one of the country's largest housing groups. Sovereign's strategy of stock rationalisation has already seen approximately 3,000 homes transferred within and outside of the Group to provide more locally-based services.

The amalgamation consolidates the Group's presence in Hampshire, and supports further rationalisation. In due course, SHA residents in Hampshire will be consulted about changing to Kingfisher HVHS - a more locally-based landlord.

Ann Santry, Chief Executive of Sovereign Group, said, "This amalgamation will put the Group in a strong position to deliver our goals of excellent homes and services. We are particularly delighted that our lenders' supportive approach means residents will benefit from the full financial benefits of the union."

The new group will retain the Sovereign name, and will simply be referred to as Sovereign, using the new brand identity that is also launched this week.