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North West landlords call off merger talks
Two large North West housing associations have ended their plans to merge into what would have been one of the region’s largest landlords.
Great Places and Mosscare St Vincent’s (MSV), both based in Manchester, revealed the proposed 33,000-home tie-up in October last year.
But in a stock market update this morning, Great Places revealed that the associations “have regretfully ended discussions to join together in a merger by transfer of engagements”.
Since the talks began, the landlord explained that the operating environment across the sector had “thrown up many unanticipated challenges”.
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Great Places told the stock market: “Last week, it was announced that it was sensible to take some additional time to review the recommendations made during the due diligence process in more detail. This has caused our boards to reflect on the business case for merger.
“As a result we will continue working collaboratively, on projects like Hive Homes, and as partners within the Greater Manchester Housing Partnership rather than join together as one organisation.”
Both landlords thanked their customers, colleagues and stakeholders for their ongoing support, and confirmed that both are still well placed to invest in their new and existing homes.
Charlie Norman, chief executive of MSV, was being lined up to lead the new enlarged provider. However, Matthew Harrison will now remain as chief executive of Great Places.
