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One Housing officially joins Riverside to create 75,000-home group
G15 landlord One Housing has today officially become part of Riverside Group to create a 75,000-home landlord.
Six months after talks between the two were announced, the amalgamation has become official as it has been registered with the Financial Conduct Authority.
The boards of 17,000-home One Housing and Liverpool-based Riverside approved the deal, which will create one of the country’s largest housing associations, last month.
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The tie-up will see One Housing remain a subsidiary of Riverside for two years before folding into the bigger organisation. The enlarged housing association will subsequently have one executive team and board.
London-based One Housing has faced difficulties of late and saw its pre-tax deficit nearly triple to £25.5m in its last full year. It was also downgraded to a G2 for governance by the regulator in January over poor decision-making.
Last month Moody’s placed Riverside’s rating on “review for downgrade” in light of the merger amid concerns over the fire safety costs facing One Housing and both groups’ “underperformance” on market sales.
Carol Matthews, chief executive of Riverside, said: “Clearly there is much more work to do to bring our two organisations together and that work will begin in earnest in the new year.”
A series of initiatives are taking place across both organisations to mark the completion, which includes making a donation to local food banks totalling £75,000, representing £1 for every home in the new group.
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