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Essex-based landlords merge to create 12,000-home association
Colne Housing and Greenfields Community Housing have approved a formal business case to merge and create a new 12,000-home association.
Colne, which owns and manages 3,200 homes in North Essex and Suffolk, invited 8,900-home Greenfields to explore working to together to tackle the housing crisis in the East of England.
The combined organisation will be called Eastlight Community Homes, subject to approval in May by Greenfields’ resident shareholders. It was chosen following extensive engagement with tenants, leaseholders, staff and stakeholders
The merger aims to increase numbers of affordable homes, provide improved services and create a stronger “resident voice” in the region.
The new organisation will have a turnover of £68m a year and will be able to build up to 1,300 extra homes on top of the 2,500 already planned by the individual organisations over the next five years.
Emma Palmer, chief executive of Greenfields and designate chief executive of Eastlight, said: “This merger is a fantastic opportunity to do so much more for residents and future generations in need of affordable homes.
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“Our shared vision is to create a trailblazing organisation with empowered residents who have a real say and influence on both their services and our strategic direction.”
The merger, which is subject to approval in May by Greenfields’ resident shareholders, is expected to be completed by 1 July 2020.
Sara Thakkar, chief executive of Colne and designate deputy chief executive of Eastlight, said: “Eastlight Community Homes will deliver value for the money and better services for the local communities we serve.
“We are really proud to be stronger together and look forward to shaping a brighter future with our residents, people and partners.”
Update: at 11.43am on 15 May This story was corrected. The original story said that a decision had been made to name the newly merged group Eastlight. The decision on the name is subject to a vote which is set to take place on the 19th May.
