Bromford and Flagship reveal merger plans to create 80,000-home group

Bromford and Flagship said today that a combined group would have capacity to deliver around 2,000 homes annually for the next 30 years.

Peter Hawes, chair of Flagship, and Steve Dando, chair of Bromford, said the need for “strong housing associations that can deliver at scale has also never been greater”. 

Mr Hawes and Mr Dando added: “Our aim is to secure significantly increased investment, to improve existing services and deliver more benefits for current and future customers.”

Last summer, Flagship was downgraded to G2 for governance after the regulator said it must ensure “clarity and transparency” in reporting its financial situation to its board.

The landlord, which owns 33,356 homes in the East of England, has had a V2 rating for financial viability since December 2022, when it was among a wave of providers downgraded over the wider economic situation.

In unaudited annual results published last month, Flagship reported that its net surplus had risen by around a quarter year-on-year to £61m in the 12 months to the end of March 2024. 

Flagship and Bromford said today that their boards have both agreed the merger, but they would spend the “upcoming months” discussing and consulting on the proposals with their respective residents and staff.

If the plans proceed, the merger is expected to complete next spring.

Bromford, which has homes across central and South West England, currently has a G1/V1 rating with the regulator.