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Large landlord continues growth after takeover of small Surrey-based provider
Stonewater has continued its growth strategy by taking on 15 homes from a small Surrey-based housing society, which is now defunct.
The 37,500-home landlord has taken the social rent properties from Puttenham and Wanborough Housing Society (PWHS) through a transfer of engagements that completed at the end of last month.
As a result, PWHS no longer exists, a Stonewater spokesperson told Inside Housing.
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In its last reported full year to the end of December 2022, PWHS fell to a deficit of £63,063 on turnover of £55,864, figures filed to the Financial Conduct Authority showed.
The organisation lost £88,030 on investments, compared to a gain of £56,534 the year before.
Greenoak, a Stonewater subsidiary, will take on full management of the homes, having already been providing a repairs service to PWHS.
Stonewater has made a number of acquisitions in Surrey of late as part of its growth strategy. In December 2022, it completed a takeover of Woking-based Greenoak. And this month Stonewater is expected to complete a move for Mount Green Housing Association, which has around 1,600 homes.
Jonathan Layzell, chief growth and development officer at Stonewater, said that rising prices and interest rates are putting pressure on the sector’s finances, meaning smaller organisations are “facing real challenges, resulting in a number of homes being transferred to larger housing providers with the resources to continually maintain and improve them”.
He added: “The homes transferred from Puttenham and Wanborough Housing Society provide much-needed affordable homes in rural village locations, and we’re pleased to be able to welcome the new customers whose homes they are into the Stonewater portfolio, and to continue to provide them with a quality local repairs and management service.”
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