Two of London’s largest housing associations are in talks to merge to create one of the country’s biggest organisations.
Notting Hill Housing and Genesis Housing Association agreed in principle to merge last week. The new organisation, Notting Hill Genesis, will have 54,000 homes across London and 64,000 across London and the South East, half of which will be general needs homes with social or affordable rents.
Notting Hill Genesis will serve 170,000 residents and be the largest provider of shared ownership in the country.
Financially, the two organisations have combined reserves of £3.1bn and loan facilities of £3.5bn, generating annual turnover of £700m and a net surplus of more than £120m.
They estimate that joining forces will enable them to deliver 2,700 new homes a year – 400 more than would be achievable separately.
Genesis chair Dipesh Shah is chair designate of the new organisation. Paul Hodgkinson, from Notting Hill Housing, had recently extended his term of office to oversee the transition to merger.
Kate Davies from Notting Hill Housing has been named chief executive designate, with Elizabeth Froude, currently Genesis deputy chief executive, being appointed deputy chief executive designate of Notting Hill Genesis.
Genesis chief executive Neil Hadden, has agreed to step aside and 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.”
