Sovereign and Network Homes merger approved
The boards of Hampshire-based Sovereign Housing Association and Network Homes have come to a formal agreement to merge and form SNG (Sovereign Network Group).
This merger will make SNG one of the largest housing associations in the country with over 82,000 homes, covering over 210,000 residents across London and the South of England.
The newly formed company plans to nvest around £8.5 billion in existing and new homes over the next 10 years, with an annual development programme of up to 2,500 homes a year.
Sovereign Chief Executive, now CEO of SNG, Mark Washer, said: “Bringing these two great organisations together will enable us to invest in creating more homes, and better homes for our current and future customers. Combined, we will be a leader in delivering sustainable and affordable housing, including for social rent, as well as investment in communities.
“We are already seeing the potential for our complementary skills and experience to help us deliver better for each of our customers, and the future is hugely exciting.”
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The new organisation will establish a new Community Foundation to invest £100m in direct support and access to external funding directly to customers and communities. It will also adopt Sovereign’s Homes and Place sustainability and wellbeing standard that was co-created with customers.
Network Homes Chief Executive, now Deputy CEO of SNG, Helen Evans, said: “I’m pleased we now have the green light to pursue this exciting new chapter for both organisations as we join together as one organisation.
”As Deputy Chief Executive, I will be overseeing the transition and significant work is now underway to ensure we will have the right structures, systems, and processes to deliver for customers from 1 October onwards.
”I’m looking forward to working with Mark, our new Executive Board and colleagues in ensuring the new organisation is a success.”
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