Housing

Being a better provider through strength in numbers
We helped two of our housing association clients merge, creating a stronger provider for their local community.

Housing associations play a key role in addressing the major shortage of affordable housing across the UK. Demand for homes is still considerable but, by joining forces, local associations can deliver greater financial capacity that helps them meet the housing needs in their region.

 

When two of our clients, Housing Plus Group and Stafford & Rural Homes, asked us to help advise on their merger, we knew this was good news for the communities they serve. With a strong local focus and a similar emphasis on elderly care, the two were a natural fit. Being a bigger player would let them do more with their resources; building more houses and serving more people.

 

Adding value to the work

Anthony Collins Solicitors (ACS) partner, Victoria Jardine, who leads the team delivering the merger, says that knowing the two clients added value to the work;

"Helping clients achieve more and do it more effectively is always a bonus. It’s always fascinating to look at a marriage of two of our clients - and even better to see them develop into something stronger."
Victoria Jardine, partner at ACS

As well as advising on a variety of aspects of the merger, from negotiating with the local authority to consulting employees, ACS also worked on a new funding structure to create more borrowing capacity within Housing Plus Group.

 

More borrowing power

Natalie Singh, leading the funding side for ACS, describes the benefits of a new structure for the group -

"Housing Plus Group has a federal corporate structure with many subsidiaries, a number of asset holding entities and multiple funding arrangements. By advising on a funding structure that allows the individual entities to act ‘as one’ for borrowing purposes, we helped make more of their assets and created increased borrowing capacity."
Natalie Singh, partner at ACS

By combining forces, the associations will deliver an additional 2,000 new homes by 2023, create 100 new apprenticeships and deliver one third more hours of care and support so that older people can continue to live independently in their own homes. When the merged group was launched in October 2019, its chief executive Sarah Boden promised that it would make a positive difference to homes, lives and communities. Marking the anniversary of the merger she said;

"Although our operating landscape has been radically redrawn in the pandemic, we haven’t lost sight of those commitments and have made incredible progress in our first year together."
Sarah Boden, chief executive at Housing Plus Group

Contact

Victoria Jardine
victoria.jardine@anthonycollins.com
0121 214 3600

Natalie Singh
natalie.singh@anthonycollins.com
0121 212 7457
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