What was our brief?
As a major client of the firm, we worked with whg on its wish to achieve efficiencies through streamlining its governance structure. Having advised on a number of options and facilitated debates at Board meetings, whg decided upon a consolidation from eight organisations down to three: one RSL, one charity and one trading company. Drawing on our national experience of good practice, we developed with whg Local Neighbourhood Board arrangements so that time and resource could be focussed on local areas for service delivery.
What did we do?
We advised and delivered on a consolidation of a major housing association group structure, including renegotiating the stock transfer arrangements with the local authority and transferring in excess of 20,000 properties. At the same time, we acted on increasing whg’s loan facility to £240m with a consortium of lenders, renegotiating many of the loan terms to reflect the consolidation.
How did we add value?
With over 70 Board Members involved, we established a strong relationship with the Boards, honestly talking them through the different options so that they could buy in to the decisions. In addition, due to the economic climate, we satisfied significant and far-reaching requirements from the lenders and delivered to a tight timescale.
Irene Molyneux, Group Company Secretary, Walsall Housing Group says:
“The ACS team worked extremely well on a complex governance project involving 6 RSL Boards, addressing individual BM’s concerns in a sensitive and respectful way. ACS were professional and pro-active throughout, especially with resolving lenders’ issues. I strongly recommend the firm for its governance and finance work.”