Derwent Housing Association has announced that it is in the early stages of merger talks with Places for People about joining the firm’s overall group.
Derwent owns and manages more than 25,000 properties in the midlands, Yorkshire and the south east and provides student, retirement, key worker, shared ownership and market rented accommodation.
It operates commercial activities through Centro Place Investments, a for profit company through which Derwent operates its commercial activities.
Places for People currently owns or manages 150,000 homes and has a range of businesses including affordable housing, property management, leisure centres and retirement housing, construction and energy services.
In July Derwent was given non-compliant governance and viability ratings after a regulatory in-depth assessment flagged a string of concerns, from risk management and reporting to its ability to meet margin calls.
Suzy Brain England, chair of Derwent Living, said: “Derwent’s board is pleased to be in early stage discussions about becoming part of the Places for People group.
“Since launching our new business plan last year, we have been actively looking for opportunities which will allow the organisation to further its ambitions and deliver much-needed new homes while continuing to improve services for customers.
“Joining Places for People would help us achieve these objectives and offer a very positive future in challenging times for housing associations.”
A short statement from Places for People, said: “The board of Places for People Group announces that it is in the early stages of merger talks with Derwent Housing Association, about Derwent Housing Association becoming a subsidiary of the Places for People Group.”
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