HCA approves 128,000-home merger

The two associations also announced today that their new organisation will be named “Clarion Group”.

The HCA earlier this week gave conditional approval to the merger. The associations now need to obtain lender consents, with a legal completion of the deal expected in November.

Under the proposed merger, Affinity Sutton and Circle will from next year no longer exist as separate organisations or brands. The new organisation will consist of a single housing association, a commercial development company called Latimer and a charitable foundation.

Latimer will undertake all of the merged group’s development activity and is expected to build 50,000 homes across all tenures over 10 years from 2019. The charitable foundation will carry out community investment and work.

Keith Exford, chief executive of Affinity Sutton, will become chief executive of Clarion Group, with Circle chief executive Mark Rogers acting as deputy chief executive.

The word ‘clarion’ means ‘loud and clear’ – it can also be used as a noun to mean a “shrill-like war trumpet”.

Mr Exford said: “We have carefully selected a name and brand for the new group that represents our scale and ambition. ‘Clarion’ signals the clarity of that ambition. Together, we will be a powerful force in housing and in our communities.”

Mr Rogers said: “The Latimer brand emphasises our intention to be bold and drive the market. We have ambitious plans to be a major provider of new homes across all tenures and at a range of prices.”

UPDATE: at 4.43pm 30.9.16

This story has been updated to make it clear that the legal completion is expected in November.