North East housing associations complete merger

Isos Housing, its group partner Cestria Community Housing and Derwentside Homes have joined forces to become Karbon Homes.

The merger, first announced in February, means the landlord is one of the top three largest housing associations in the region and one of the the largest businesses of any kind in the North East.

It expects to generate turnover of around £115m per year, and build more than 500 homes each year to rent or buy. This is more than double the existing development programme of the landlords involved.

It will build affordable homes to rent, homes to purchase through shared ownership, and homes for sale and to rent through its Prince Bishops Homes subsidiary.

It expects to deliver minimum net savings of £3m per annum from the fourth year of Karbon Homes operating.

Paul Fiddaman, chief executive of Karbon Homes, said: “This is an exciting, important day, with our new organisation starting work.”

The organisation explained its name by saying that carbon, “like a home”, is an “essential ingredient for life” and coal “is a powerful Northern symbol”.

It added: “Spelled with a ‘k’, Karbon has a more modern and distinctive take, giving a nod to our organisation’s future.”