Troubled Swan sees interim finance chief exit after nine months

Yesterday’s filing also said a current non-executive member of Swan Housing Association’s board, Elizabeth Sipiere, has joined the board of Swan Housing Capital, the funding vehicle of its namesake housing association.  

Ms Sipiere has spent four years on Swan Housing Association’s board and is chair of its customer committee, according to her LinkedIn profile. 

Essex-based Swan has endured a bumpy time after being downgraded to a non-compliant G3/V3 rating last December, partly due to a “material deterioration” in its financial position. 

Former Peabody finance chief Susan Hickey was then appointed as Swan’s interim chief executive as long-serving boss John Synnuck was ill. Mr Synnuck has since retired and Ms Hickey has remained in place. 

After “intensive regulatory engagement”, it was announced in May that Swan had also breached the regulator’s Home Standard as around 1,500 fire safety remedial actions were discovered overdue. 

Swan had been in merger talks with Orbit for nine months, but last week it emerged the tie-up was not going ahead.

Six hours later, Swan announced it had entered into talks with giant housing association Sanctuary over a “business combination”. 

Swan is also due to publish its delayed annual financial results. Last week, the group said it had obtained consent from the trustee of its bonds to produce the results “no later” than today (4 October).