Merger completes to form 82,000-home Sovereign Network Group

Mark Washer, who was Sovereign’s chief executive, has become chief executive of SNG, while Helen Evans, who led Network Homes, has become deputy chief executive of the new group.

Paul Massara, current chair of Sovereign, is chair of the SNG board, and Jon Gooding, Network Homes’ chair, is now vice-chair.

Sovereign and Network have previously said that following the merger, the new group will continue to be “locally responsive”, invest around £8.5bn in existing and new homes over the next 10 years and establish a community foundation.

Mr Washer said: “This is an important moment for SNG, but we are now absolutely focused on delivering the benefits for our customers, and future customers.

“Our combined strength gives us the opportunity to remain ambitious in our plans to create more homes, and more sustainable homes that people can love living in over many generations. This commitment to our environment and enabling wider social success within our communities is built into SNG from the very start.”

An executive board will lead the business. Reporting to Mr Washer are Ms Evans, chief financial officer Peter Benz, chief communities and sustainability officer Jamie Ratcliff and chief customer officer Nicole Sharp.

Also reporting to Mr Washer is Kevin Ives, chief information officer, Sally Hyndman, chief people and transformation officer, and Tom Titherington, chief investment and development officer.

David Gooch and Gerry Doherty report to Ms Evans with the former as executive director for development (London and Hertfordshire) and the latter as executive director of operations (London and Hertfordshire). This is to enable SNG to deliver a “smooth service” to residents and continue to build affordable homes through existing projects, the group said.

Centrus acted as financial advisor on the merger.

Both Sovereign and Network are currently graded G1/V2 by the Regulator of Social Housing.

According to their most recent published accounts, Sovereign’s surplus fell by around 24 per cent to reach £66.1m in 2022-23 compared with the prior year, while Network Homes saw its surplus drop slightly to £5.2m in 2022-23 from £9.6m.

Hear from Mark Washer, chief executive of Sovereign Network Group, at the Social Housing Annual Conference 2023 on 30 November, co-located with the Inside Housing Development and Regeneration Summit. Mr Washer will be speaking on a session entitled ‘Assessing the pros and cons of mergers between housing providers’, alongside speakers including Jonathan Walters from the Regulator of Social Housing and Jehan Weerasinghe, managing director of One Housing Group, part of the Riverside Group. 

For more information and booking, please click here.