You are viewing 1 of your 1 free articles
Bromford acquisition of neighbouring housing association to go ahead
Bromford has confirmed its plans to acquire a neighbouring housing association will go ahead in the new year.
The West Midlands-based association, which merged with Merlin to form a 40,000-home housing association in July, will add 4,000 home Severn Vale to the group in January.
The proposed deal has been approved by boards of both organisations and will create an organisation owning 44,000 homes, employing 1,800 staff and turning over £250m a year.
READ MORE
It plans to build 15,000 new homes over the next 10 years – with around half of those in Gloucestershire where Severn Vale operates.
Tim Knight, chief executive of Severn Vale, said: “This is fantastic news for our customers and for colleagues. By joining Bromford, we can play a central role in Gloucestershire’s ambitious plans to develop more homes for social housing.”
Philippa Jones, chief executive of Bromford, added: “This merger strengthens our leading position in Gloucestershire, and will allow us to offer even more to the communities and stakeholders we are already working with.”
Inside Housing defines acquisitions as large organisations adding a smaller housing association to its group as a subsidiary or amalgamating the smaller group into its company entirely.
This is distinct from a merger where two organisations join together to form a new entity with a new board – as was the case with Bromford and Merlin in the summer.
Bromford has described both deals as mergers.
Ms Jones will step down after the completion of the process with Robert Nettleton, former chief executive of Merlin, set to take over the new organisation.
