Cosmopolitan chief role axed
The chief executive of Cosmopolitan Housing Group has left his role following a restructure by new owner Sanctuary.
John Denny, who became chief executive of Cosmopolitan after his previous organisation Chester & District Housing Trust merged with the organisation in 2011, has now left.
The enlarged 14,000-home Cosmopolitan last year ran into financial trouble as a result of loss-making leases taken out to fund its student housing business. Sector giant Sanctuary then rescued Cosmopolitan from potential insolvency by taking over the business in a deal agreed in March.
Sanctuary confirmed this week that Mr Denny’s role was scrapped and his contract terminated on 3 July.
The 94,000-home organisation has instead appointed a head of housing operations to lead Chester & District Housing Trust, which will remain as a subsidiary in the new structure.
Andrew Williams, formerly the managing director of CDHT, has been appointed in the role. A spokesperson for Sanctuary said Mr Denny was offered the chance to apply for the new position, but did not do so.
Under the new structure, Cosmopolitan’s housing operations and student housing business has been folded into Sanctuary. Cosmopolitan Housing Group has been renamed Sanctuary (Liverpool), Cosmopolitan Housing Association is now Sanctuary (North West) and Cosmopolitan Student Homes is Sanctuary (Student Homes). Chester & District Housing Trust will retain its name.
Mr Denny was not available to comment.
Meanwhile, Sanctuary is investigating whether there is any way it can recover losses made by Cosmopolitan. Inside Housing understands it is unlikely to pursue legal action against any parties as a result.
The spokesperson added: ‘Sanctuary is working with the Homes and Communities Agency to assist in the production of drawing together any lessons the sector might learn from the Cosmopolitan experience.’
