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A2Dominion completes 458-home stock transfer with billionaire-owned social landlord
London landlord A2Dominion has completed a stock transfer of 458 homes to another provider in the South of England.
The 38,000-home association, which was given a non-compliant grade by the English regulator this month, has transferred the homes, as well as 160 garages and one commercial unit, to MTD Housing.
The deal included a mix of private, social, leasehold and shared ownership properties across Epsom, Ewell, Kingston upon Thames, Merton, and Sutton.
MTD is a part of William Pears Group, which is overseen by brothers Sir Trevor Pears, David Pears and Mark Pears.
The family had an estimated worth of £3.4bn when it registered MTD as a provider in 2019.
The move comes as A2Dominion continues a review of its portfolio amid reports of financial difficulties. The G15 member revealed in September that it had fallen to an annual deficit of £12.8m.
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Michael Reece, chief property officer at A2Dominion, said: “Our customers are in good hands and will benefit from services being delivered more locally.
“We’re looking forward to reinvesting these funds into improving our existing homes and accelerating plans to build more affordable and social homes closer to our regional offices.”
A2Dominion explained it had shared its proposals for the transfer and sought feedback from residents during a consultation period in 2023 before making a final decision to go ahead, with the contract exchanged in December 2023 and completed in January 2024.
James Frener, investment director at MTD Housing, said: “At MTD we firmly believe in a holistic approach, and we are confident that our commitment will contribute to the sector’s overall improvement, benefiting residents and elevating the standard of services and management.
“Partnering with like-minded organisations is a crucial aspect of our strategy, as it ensures the continued investment in homes and of the standard of services for those in housing need.”
MTD has partnered with Sutton Housing Partnership to manage the properties in the area.
Steve Tucker, managing director at Sutton Housing Partnership, said: “Sutton Housing Partnership understands the importance of establishing mutual trust and confidence in our relationships with residents, and we are looking forward to working collaboratively with MTD and with the former A2Dominion residents to build inclusive and thriving communities.
Fairthorn Farrell Timms acted as A2Dominion’s agent for the process.
Last year, the Housing Ombudsman found severe maladministration for the landlord in two separate cases involving vulnerable residents with damp and mould in their homes. It led to A2Dominion reviewing thousands of cases.
The association said it would invest funds from the sale into improving its existing homes and building new social and affordable homes in areas where they are needed most.
In December, A2Dominion set out why it was moving away from providing care services to focus solely on housing “amid the growing challenges faced by the wider care sector”.
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