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For-profit bolsters board with former Crest Nicholson executive
Heylo, the for-profit provider backed by asset management giant BlackRock, has appointed Crest Nicholson’s former chief operating officer to its board.
The provider, which is currently non-compliant with the English regulator’s standards, has taken on Tom Nicholson as a non-executive director.
A Heylo spokesperson told Inside Housing that he had been appointed after a “competitive and openly advertised process”.
Mr Nicholson left Crest Nicholson abruptly in May last year after three years at the FTSE 250 firm.
Prior to that, he had spent the majority of his career at Linden Homes, part of construction giant Galliford Try.
For the past eight months, Mr Nicholson has been working as a consultant, according to his LinkedIn profile.
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Mr Nicholson will join former L&Q boss David Montague and ex-Labour transport secretary Andrew Adonis on Heylo’s board. Mr Montague is chair of the registered provider’s board.
Heylo was given a G3/V3 rating for governance and viability in December last year by the Regulator of Social Housing.
At the time, the regulator said there were issues of “serious regulatory concern”, but Heylo was “working to improve its position”.
Prior to that, Heylo has previously signed a deal with Crest Nicholson in 2020 to introduce a shared ownership product.
The for-profit provider was founded in 2017 following parent company Heylo Housing Group’s acquisition of registered provider Three Conditions Limited.
In 2021, US-based BlackRock agreed a £362m debt facility with Heylo for the acquisition of 3,000 shared ownership properties.
Heylo has previously said it intends to grow its portfolio to 17,000 homes by the middle of this decade.
