Stonewater’s acquisition of Surrey landlord to complete next year

In its judgement, the RSH described Mount Green’s financial performance as “weak and forecast to remain so in the short term”.

In the August merger announcement, the housing associations said the merger would combine Mount Green’s local knowledge and understanding of its residents with Stonewater’s large-scale operational firepower.

That includes the ability to deliver treasury management, development opportunities, digital technology and specialised expert services.

Bill Flood, chief executive at Mount Green, said at the time that the deal would give the firm “greater financial security to plan and invest in our homes”.

“As well as increasing the number of homes we can build and offer residents, we are also looking forward to better supporting our colleagues’ career development and growth within a bigger organisation, so we can better serve our residents.

“We remain proud of our long history as an independent housing provider in Surrey and more recently North Sussex and are excited about the opportunity we will have by combining that with the large-scale infrastructure that Stonewater provides puts us in a very exciting place.”

Nicholas Harris, chief executive at Stonewater, added: “With an ongoing housing crisis, increasing costs for businesses and customers, as well as the climate emergency and the need to drive up customer standards, this partnership comes at the perfect time. 

“We look forward to combining our strengths and ambitions to create a new offering in social housing, with truly local, tailored services delivered on the ground being supported by the security and advantages of a national organisation.

“In our discussions ahead of this partnership agreement, we have found more and more that the values and vision of both of our organisations are closely aligned. We already have plans in place to make the most of this new partnership from day one.”