THREE social landlords have announced merger plans to create a 23,000-home organisation.
Derwentside Homes, in Stanley, County Durham, is joining forces with Newcastle’s Isos Housing and group partner Cestria Community Housing.
Bosses say the new association, which will be given a new name in the coming weeks, will benefit from £42m of combined Homes and Communities Agency (HCA) grants to build more than 1,350 properties in the next five years.
The venture is expected to begin trading in April after securing conditional HCA approval.
Geraldine Kay, Derwentside Homes’ chief executive, said: “We were keen to select a partner that shared our ambitions to co-create a new and exciting future.
“Together with Isos, we will be much stronger to not only weather the challenges ahead but to seize new opportunities.”
Ms Kay added the new organisation will become one of the top three housing associations in the North-East.
Paul Fiddaman, Isos chief executive, said: “We believe this will establish us as a strong regional organisation, positioning us as a natural partner for delivering housing solutions.”
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules here