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;
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 -
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;