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Merger plans on track

Plans to create the largest provider of housing association homes in Hampshire have moved a step closer with the Homes & Communities Agency having given its full support to First Wessex and Sentinel.

The new company, called VIVID, will see the two Hampshire based associations merge to create a new 30,000 home business with a strong commitment to addressing housing need and building more new homes in the region.

Mark Perry, Chief Executive of Sentinel said: "VIVID will bring together the expertise, financial strength and housebuilding potential of two well established, innovative and successful organisations. And create a vibrant, high performing and influential business, better placed to respond to the ever-changing environment in which we work. Our plans for building 1200 new homes a year include a mix of social and affordable rent, shared ownership and private sale. And we’ll continue to deliver the same high quality services to our customers."

Peter Walters, Chief Executive of First Wessex said: "We’re very excited by the positive impact that VIVID will make on our ability to build more homes for local people. Our plans are progressing well with the Sentinel and First Wessex Boards and shareholders having approved the merger. And now that our regulator, the Homes & Communities Agency has given its support, our plans remain on track to complete the merger."

Next steps are to conclude negotiations with funders, before seeking approval from the Financial Conduct Authority.

 

Date published: 16th February 2017