Jephson Raglan merger gets HCA go ahead
The merger of Jephson and Raglan has been given the go ahead by the Homes and Communities Agency (HCA).
The new organisation will be called Stonewater and will be one of the UK’s most significant social housing providers, both in terms of assets and geographic spread with around £160m in turnover and £1.6 billion in assets.
The HCA gave their green light to the merger in September; HCA and Financial Conduct Authority (FCA) approval to Jephson, Marches and Raglan Rule changes should be finalised in time for the merger to take effect from 1 January 2015.
George Blunden, Chair of Stonewater’s Board Designate Committee (BDC) and current Raglan Chair said: “This is excellent news and a significant step forward in the merger process. It means we can press on with the necessary steps to complete the merger and to create a dynamic new organisation, delivering meaningful benefits for residents, employees, the business and our working partners.
“We are all looking forward to working towards our goal - which is for everyone to have the opportunity to have a place they can call home, particularly those who may be disadvantaged or vulnerable and whose needs are not met by the open market.”
Bob Strachan, Stonewater CEO once the merger takes effect, said: “I am delighted the merger is approved by the HCA. We have a tremendous opportunity in combining the already strong, successful Jephson and Raglan organisations. Coming together as Stonewater means we can deliver substantial benefits for residents and increase the range of affordable homes to meet an ever growing need.
“While ongoing merger talks and planning have been taking place, the Associations’ staff have continued to deliver excellent customer service and maintain business as usual, which is greatly appreciated. Their hard work, dedication and focus on customers are a sound foundation for what we are sure will be a very successful future for Stonewater.”
Planning for the merger is ongoing with staff involved and consulted as the process gathers momentum.
Notes to Editors
The intention to merge Jephson and Raglan was announced in autumn 2013, following exploratory talks that summer. Ongoing work has progressed towards the merger since then, including developing a Business Case for the HCA, showing the merged organisation had the strength and capacity to deliver its ambitious plans.