Midlands housing associations plan 32,000-home merger to boost ‘resilience to future change’

Wrekin added that the merger would “further increase our resilience to future change”. The association has around 13,000 homes in Telford and Wrekin, Shropshire, and Staffordshire.

The landlord reported a 70 per cent drop in surplus to £3.2m in its last reported full year to the end of March 2023, despite a rise in turnover. Rising operating and finance costs affected the group’s bottom line. 

Housing Plus owns around 19,000 homes in Staffordshire and Shropshire. 

In its last full year to the end of March 2023, the group saw a slight drop in surplus to £8m off an increased turnover of £111.3m. 

Both landlords have a G1/V2 rating with the regulator, having each been downgraded for financial viability in November 2022 among a wave of landlords, due to deteriorating economic conditions. 

Tenants are being consulted on the merger, and a final decision on whether it will go ahead is expected in the autumn.

Subject to all “necessary consultation and consents”, the groups said they plan to become one organisation on 31 December 2024.

On any potential impact on staff, Wrekin said there would be “no change” for employees of either group “in the short term”.