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Stonewater outlines ‘shared ambitions’ as merger completes
Stonewater has completed its takeover of a small South East housing association to form a new 39,000-home group.
The landlord initially announced the plans for a tie-up with Mount Green Housing Association, which manages homes across Surrey and West Sussex, in August 2023.
The 1,600-home Mount Green will now become a subsidiary of the Stonewater Group.
Stonewater hopes to leverage Mount Green’s 60-year history in the area, alongside plans to “provide customer-centred services as well as homes and neighbourhoods with a more locally focused offering”.
Mount Green is expected to benefit from the larger provider’s financial resources, treasury management and development opportunities.
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Following the merger, Mount Green’s residents will have access to benefits provided by Stonewater, such as grants provided by Longleigh, a charitable foundation that supports the association’s work.
The takeover comes after the Regulator of Social Housing (RSH) downgraded Mount Green’s governance rating to G2 in 2022. In its judgement, the RSH described Mount Green’s financial performance as “weak and forecast to remain so in the short term”.
Bill Flood, chief executive at Mount Green, said: “We’re excited to have joined Stonewater as we go forward to face current challenges in the housing sector.
“We remain proud of our long history as an independent housing provider but recognise that this new partnership with such an innovative and impactful housing provider opens up more opportunities for our customers and colleagues, as well as continuing to improve homes and core services which remains our number-one priority.”
Nicholas Harris, chief executive at Stonewater, explained that the two landlords “share ambitions to grow and a strong commitment to putting our customers at the heart of what we do, which this partnership will strengthen even further”.
He added: “It’s wonderful to have the Mount Green team join us, and to pool our collaborative experience, services, and expertise to ensure we provide homes and help create communities that customers can be proud of.”
Earlier this year, and as part of its wider growth strategy, Stonewater announced that it was 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 through a transfer of engagements that completed at the end of December.
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