Wednesday, 10 February 2021
We are announcing that Reside and Progress Housing Associations are in the early stages of exploring a potential merger. Both are fantastic organisations. They have excellent reputations, provide high quality services to their customers and combining our supported living portfolios and staff teams could create a formidable new force in the supported living sector.
Progress Housing Group own or manage more than 3,100 supported living tenancies, whilst Reside own or manage around 1,450, so that our new, combined supported living team would own or manage around 4,600 tenancies.
We appreciate this will raise lots of questions and might raise some worries too. Importantly the reasons we are considering this are to improve our offer to our tenants and enable us to house more people in need. This is not a merger driven by financial economies and therefore the basis of the discussions are that our staff will be retained and continue working with you. It will not change the rights of our tenants and should only improve the service offered. Whilst this is an opportunity, inevitably, there will also be concerns, particularly about what this may mean for you as a tenant, a family member or a partner.
It is important to stress that there is still a great deal of work to be done and the final decision has yet to be made. Both parties need to undertake their own due diligence. This means looking long and hard at every aspect of each other’s culture, ways of working and finances to make absolutely sure that a new partnership would work for everyone. Each association must also prepare a full ‘business case’ for merger, explaining in detail why coming together would benefit our customers and our respective organisations. Crucially, we will also inform and consult with our tenants to ensure that they fully understand and agree that the proposal is in their best interests.
The vision we are exploring is to bring our respective teams and supported living portfolios together and create a new organisation which can be a true leader in the field.
- The expertise of its staff and its partners will mean that it can deliver unrivalled quality
- Its scale will enable it to achieve the best possible value for money
- Its partnerships and its geographical reach will enable it to maintain all existing services and to develop new business streams. It will play a major part in meeting the huge need for high quality supported living accommodation
- The financial strength of the combined organisation will facilitate this continuing growth
Therefore over the coming few months we will be exploring this proposition more widely, to see if we can pin down a shared vision and an integrated way of working, as well as undertaking some due diligence to check financial, regulatory, operational and reputational issues.
Once we have finished our initial due diligence work, we will write to all of our tenants for their views, before we make a final decision. This is likely to be in May or June of this year.
In the meantime, you have any questions you can ask your usual contact, or send us an email to [email protected] or write to us.