Stonewater restructures group
Stonewater has simplified its Group structure by combining two of its Registered Providers. Stonewater (2) Limited has been merged into Stonewater Limited.
Date published: 03 April 2023
Stonewater (2) Limited has been merged into Stonewater Limited via a transfer of engagements.
The new simpler structure for the 36,000-home housing provider will reduce complexity and administrative burden and will ensure that the group is well-positioned for the future.
Anne Costain, Chief Financial Officer, said: "This was the right time to continue Stonewater Group’s simplification. We will benefit from similar terms from all our bank lenders, and the restructure allows us to present a clearer picture to investors and access funding more efficiently.
"We have also secured an additional £100m of bank RCF funding and £70m from the Affordable Homes Guarantee Scheme, which further strengthens Stonewater’s position and allows us to continue working towards our future ambitions.
"We are really pleased to have worked with our advisors [Rothschild & Co and Devonshires] again on this successful restructure."
Katie Farrell, Assistant Director, Rothschild & Co, said: "The combination further simplifies Stonewater’s corporate structure, creating a clean funding structure, which assists Stonewater with delivering on their strategy. We were delighted to work with Stonewater again."
