For-profit Heylo being investigated over possible governance issue

A Heylo spokesperson said: “Heylo is the first for-profit RP to go through an in-depth assessment. We found it a really constructive process and a positive opportunity to engage with the regulator about our organisation and how we can ensure it operates in the most effective and appropriate way.

“We are confident that by continuing to work with the regulator closely, any remaining questions will be addressed.” 

Heylo, which registered as a for-profit in 2011, claims to be the UK’s largest private investor in shared ownership. In May last year, the organisation received £362m of debt funding from BlackRock to support its acquisition of 3,000 shared ownership homes.

This year Heylo has made two eye-catching appointments to its board. David Montague, the former long-serving chief executive of L&Q, joined as a director in May, according to a filing on Companies House. Mr Montague is chair of Heylo’s group audit and risk committee. 

Andrew Adonis, a Labour peer and former transport secretary, also sits on Heylo’s board, having been appointed as a director in January. 

Former Labour housing minister Nick Raynsford, who served under Tony Blair, is also on Heylo’s board. 

A year ago, a senior Heylo executive told Social Housing that it was targeting 20,000 homes in the UK.