Stonewater and Mount Green complete merger

In addition, the landlords said that Mount Green will also benefit from Stonewater’s large-scale resources in finance, funding and support services, while continuing to provide a local, customer-focused service to residents.

They said this local service and connection with residents, alongside Mount Green’s partnerships with Surrey and Sussex based agencies and organisations, will also assist Stonewater in its plan to provide customer-centred services, quality homes and neighbourhoods.

Stonewater is graded G1/V1 by the regulator while Mount Green is rated G2/V2.

Bill Flood, chief executive at Mount Green, said: “We’re excited to have joined Stonewater as we go forward to face current challenges in the housing sector.

“We remain proud of our long history as an independent housing provider but recognise that this new partnership with such an innovative and impactful housing provider opens up more opportunities for our customers and colleagues, as well as continuing to improve homes and core services which remains our number-one priority.”

Nicholas Harris, chief executive at Stonewater, said: “Stonewater and Mount Green share ambitions to grow and a strong commitment to putting our customers at the heart of what we do, which this partnership will strengthen even further.

“It’s wonderful to have the Mount Green team join us, and to pool our collaborative experience, services and expertise to ensure we provide homes and help create communities that customers can be proud of.”

According to its results for the year ending 31 March, Stonewater posted a surplus of £53.8m, more than double the figure of £23.9m in 2021-22, boosted by a previous merger.

The social landlord said the higher surplus was mainly because of the recognition of a “one-off gain” after it absorbed 550-home Greenoak Housing Association as a subsidiary in January 2023.

Meanwhile, according to its results, Mount Green saw its surplus drop from £1.3m in 2021-22 to £848,000 in 2022-23.