Family Housing decided to join a larger group structure to maximise its long-term financial and operational viability. After a bidding process involving various other registered providers, WM Housing Group was selected as the preferred partner.
It was decided that Family Housing would join WM Housing Group as a separate subsidiary working closely with Optima Community Housing Association, given the geographical proximity of these two subsidiary organisations. As at 1 April 2014 Family Housing, with its 2500 stock, became part of the WM Housing Group bringing WM Housing’s total stock to approximately 30,000 across Birmingham, Coventry, Herefordshire and Worcestershire.
We assisted Family Housing throughout the process. This ranged from:
- An initial meeting outlining the anticipated process;
- Liaising and negotiating with solicitors for WM Housing Group;
- Undertaking legal due diligence;
- Drafting amendments to Group documentation to enable the entry into the Group;
- Consideration of funding documentation;
- Preparing and delivering reports to the Board;
- Considering pensions implications; and
- Drafting changes to Family’s rules.
We also assisted with applications to the Housing Communities Agency and the Financial Conduct Authority for approval of the necessary changes.
We were able to add value through our experience of previous projects, particularly involving the same Groups. This meant that we were able to provide Family Housing with a clear project plan outlining the various stages, and anticipate the challenges and potential pitfalls of this process putting necessary safeguards in place in advance and using our full service team to address all queries arising. We were also able to add practical insight as to the changes that would occur following entry into the Group and where the organisations could benefit from crossover.