Non-compliant London landlord becomes subsidiary of Hyde

Andy Hulme, chief executive of Hyde, said: “We’re delighted to welcome THCH customers and colleagues to the group.

“Our vision for the partnership reflects the feedback we’ve had from the communities THCH serves and can be best captured as THCH: Powered by Hyde – representing stability, growth and new opportunities.

“With Hyde’s strong foundations and expertise, the partnership aims to deliver safe and decent homes, great services, strong communities and a real voice for customers.

“By maintaining local roots and connections with the community, and combining this with new investment in homes and improved customer services, including a new dedicated in-house repairs service, we’ll create places people can be proud of.”

The decision to move forward follows what both landlords described as “extensive due diligence reviews of both organisations’ finances, governance and performance”.

As part of the business case for the merged organisation, there are plans for additional investment in homes and communities over the first three years of the partnership. The boards also considered feedback from THCH’s resident consultation before giving approval.

David Russell, board chair of THCH, said: “Over the past few years, THCH has been through real transformation. We’ve improved our services, strengthened building safety and built a more positive internal culture. We’ve made great progress, and we’re pleased to have found the right partner to build on this work.

“Joining the Hyde Group is a major milestone. It gives us the resources, investment and expertise to do even more for our customers, while staying true to the community-focused values that make THCH special.

“I want to thank everyone who’s played a part in this journey, especially our outgoing chief executive, Anita Khan, whose leadership has left a lasting and positive mark on the organisation.

“I’d also like to thank Mark Thrasher for his time as board chair. His guidance, commitment and steady leadership have been instrumental in getting us to this point.”

When the merger talks were first announced last year, rating agency S&P said Hyde’s plans to take on THCH would not have an “immediate impact” on its creditworthiness, due to its large asset base and “extremely strong” liquidity.