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East Anglian housing associations in merger talks
Two East Anglia-based housing associations are in merger talks to form a 28,000-home landlord.
Flagship Group and Victory Housing Trust have announced discussions “to consider working in partnership”. The structure of the new organisation is still being decided, but the boards expect 5,000-home Victory would join Flagship Group as a subsidiary.
That would make the merged landlord the region’s largest, with ambitions to deliver 10,000 homes over the next 10 years, 70% of which would be affordable.
It would also plan to invest £500m in maintenance and improvements across its existing stock, the associations said.
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Peter Hawes, chair of Flagship Group, said: “Our organisations share similar visions and values, and through working with our staff and customers we will explore how best to jointly manage our homes in Norfolk – bringing the best of both organisations together.”
Philip Burton, chair of Victory Housing Trust, said: “We are exploring whether through working together we can deliver more new affordable homes and better quality services to our residents and our communities.
“An important part of this will be retaining and developing our people, as well as being able to invest more to meet housing need in our region.”
Flagship Group, which owns more than 22,000 homes across the East of England, has 820 employees and had a turnover of £119.5m in 2016/17. Victory employs 90 staff and has an annual turnover of £22m. It is currently delivering around 200 homes. Both landlords currently have G1/V1 ratings from the regulator.
