Merger of social housing providers
Bolton at Home and Arcon Housing Group
Bolton at Home (BH) and Arcon Housing Group are both charitable registered providers of social housing (RP), owning and managing almost 20,000 homes across Bolton and Manchester. We advised BH and Arcon on their proposed merger from the start through to completion in April 2019.
BH and Arcon had previously worked together within the wider Greater Manchester Housing Providers’ Group. They were ambitious to jointly deliver new homes needed in the region and to achieve additionality through the merger to deliver development more quickly.
How did we help?
With neither RP experienced in mergers before, our experience of other mergers, social housing regulatory requirements and wider corporate and commercial transactions were vital to guide Arcon and BH through the process by identifying and addressing key issues early and smoothing the path for their merger.
A key aspect of our work was advising on the funding consents required and therefore liaising with all six funders (and their solicitors) to obtain the necessary consents required. Our work also incorporated advising BH and Arcon on the various legal options for merger, advising on governance agreements, responsibilities and potential liabilities of parent companies in group structures, expectations of the Regulator of Social Housing, charity law requirements, local authority consents, tenant consultation requirements, procurement considerations, and registration of the merger with the Financial Conduct Authority and notification to the Regulator.
We continue to advise BH and Arcon post-merger and their forecast is that the newly formed Group’s development programme will enable more than 1,300 new homes to be delivered by 2023.On to the next case study