You are viewing 1 of your 1 free articles
Two major London housing associations to merge
Notting Hill Housing and Genesis are in talks to merge, a move that would create one of the country’s largest housing associations.
The merger is expected to complete early next year and will create a 64,000-home housing association, Notting Hill Genesis. Half of these will be general needs homes with social or affordable rents. Both associations are members of the G15.
The organisations claim they will be the largest provider of shared ownership homes in the country once the merger is complete.
Genesis was expected to merge with Thames Valley Housing last year but pulled out.
Kate Davies, chief executive of Notting Hill Housing, has been named chief executive designate. Neil Hadden, chief executive of Genesis, will remain as chief executive until the merger is complete.
READ MORE
Mr Hadden decided not to apply for the role of chief executive because Dipesh J. Shah, current chair of Genesis, was appointed chair designate. A spokesperson said this was “in line with the commitment to a merger of equals”.
Elizabeth Froude, deputy chief executive and executive director of resources at Genesis, is deputy chief executive designate. Dipesh J. Shah, from Genesis, is chair designate of the new organisation.
The two associations have combined reserves of £3.1bn and loan facilities of £3.5bn, with a turnover of about £700m and a net surplus of more than £120m. They aim to deliver 2,700 new homes every year off the back of this increased financial strength, 400 more than would be achievable separately.
Both associations were founded during the 1960s by people of faith in west London with the aim of housing the working poor.
Ms Davies said: “Bringing together two housing associations with similar backgrounds, shared values and a strong social purpose will allow us to provide more of the homes London needs, for those who most need them.
“This is an exciting challenge for all of us and I’m very much looking forward to leading this new organisation, which has the will and resources to be even more innovative, ambitious and influential together than we could separately.”
Mr Hadden said: “I have always believed that there should be more consolidation within the sector so that our capacity can be utilised better to provide more homes and improved services for our customers. To that end, this merger makes complete sense and I am pleased to have been involved in getting it off the ground. I look forward to continuing to lead Genesis until the merger is complete in early 2018.”
Mr Shah said: “Uniting two associations with a common culture, a common vision and an aspiration to enrich their social purpose augurs well for the future of the merged entity. I look forward very much to being part of it and to helping the new organisation on its journey.”
Update: at 11.22am, 20.07.17 This story was updated to correct the number of homes the merged associations will own.
