In the fourth part of our series on contract management pitfalls, we look at the risks arising out of varying the terms of construction contracts.
We have now completed our first publicly listed bond deal worth £250m on behalf of Walsall Housing Group. The monies raised by Walsall Housing Group will be used to finance the development of an extra 2,000 affordable new homes over 5 years.
Martin Robertson, Finance Director at Walsall Housing Group noted of the team:
“We were very impressed with the professional, thorough approach of the ACS team. As clients we only glimpsed some of what went on as numerous documents were finalised and consents obtained. At all times, the team was calm, effective, concise and courteous - even when under great pressure.”
This transaction follows three other capital markets deals in recent months. In September, we advised Wulvern Housing on its £216m refinancing which included a £35m private placement. In July, we advised on a £25m private placement with Shropshire HG provided by Canada Life (again as part of a wider refinancing) and in June, we advised on the completion of a £40m direct investment over 20 years by L&G into Rooftop HG.
Caroline Dykes, Finance Director of Rooftop HG, said:
“It was a real pleasure working with ACS to arrange new funding for Rooftop through L&G. Natalie Singh was very approachable and professional. She guided us through each step of the process which was something that was important to us as we had not been directly involved in arranging new funding before. Her instructions were very clear, we received regular updates on progress and on what to expect next. We achieved completion by the deadline agreed at the start of the process which was very challenging due to the short timeframe involved.”
Our recent experience reflects the shift in housing association borrowing over the last 18 months with more than 50 per cent of long-term finance now raised on the capital markets.
Click on the link below to see a selection of the transactions we have advised on. This also illustrates some of the clients we have worked for over the past 18 months and provides further details of the Funding and Finance Team at ACS.
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For more information
I would be delighted to meet up with you if you would like to discuss your funding matters. Please contact me on the details below:
0121 212 3718 or firstname.lastname@example.org
A local authority recently received a "roasting" by the Pensions Ombudsman for their delay in processing an employee’s ill-health retirement pension, following her diagnosis with advanced cancer.
The Times is looking for three or four charities to feature in their editions running in December 2019 and early January 2020.
Cliff Mills defines and talks about the importance of social value in his blog, and its potential within Greater Manchester.
Following a power outage at Anthony Collins Solicitors’ (ACS) Birmingham office, our employees and partners currently have limited functionality, including no access to emails.
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Residents are now unable to make applications to prohibit landlords from seeking to recover the cost of legal proceedings through the service charge on behalf of other residents, without consent.
Natalie Barbosa summarises some of the legal challenges facing fundraisers in the charity sector.
We hosted a breakfast roundtable with Insider Midlands magazine that had attendees from a range of organisations addressing housing needs in the Midlands. The discussion explored JVs in more detail.
The decision of the Court of Appeal in The Harpur Trust v Brazel & Unison has made clear that employers can no longer legally calculate part-time holiday based on 12.07% of hours worked over a year.
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