Places for People in talks to take on non-compliant Yorkshire landlord
Places for People (PfP) is in talks to take on a non-compliant Yorkshire landlord as a subsidiary.
The London-based group has entered discussions for a tie-up with 5,000-home South Yorkshire Housing Association (SYHA), PfP said on Monday.
Subject to negotiations progressing well, the intention is that Sheffield-based SYHA will become a subsidiary of the PfP Group, which currently owns and manages 245,000 homes.
SYHA’s portfolio spans South Yorkshire, North Yorkshire, West Yorkshire, Derbyshire and Nottinghamshire. It owns or manages social and affordable rent homes, care and support properties, open market rental homes and shared ownership homes.
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It also provides over 30 care, health and support contracts to local authorities and the South Yorkshire Mayoral Combined Authority, health and social care services and the government.
SYHA is currently rated G3 for governance and V3 for financial viability by the Regulator of Social Housing. It was downgraded to non-compliant status in 2023 after it “miscalculated” its covenant compliance over several years.
In its last full year to the end of March 2024, SYHA posted a group deficit of £1m on turnover of £51.4m.
Larry Gold, chief executive of SYHA, said: “Our proposed partnership with PfP will enable us to continue our 50-plus year legacy providing high-quality homes and services.
“This is the right thing to do for our customers, communities, employees and partners, and the partnership will be hugely beneficial for the Sheffield city region.
“As we progress with our discussions, we will ensure that our customers are kept informed about the partnership and have the opportunity to share their views.”
Greg Reed, group chief executive of PfP, said: “South Yorkshire, and specifically Sheffield, is a core region for PfP and, like SYHA, we’ve been here for many years.
“Bringing our organisations together – pooling our skills and experience – will make us a greater force for good in the region, enabling us, under one group, to have a more significant impact, and further support the development of thriving communities.
“We’re excited about what we can achieve together, and we’ll provide an update on our conversations in due course.”
PfP has taken on several smaller landlords in recent years, including South Devon Rural Housing Association and non-compliant Origin Housing.
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