Sovereign becomes a single legal entity
17.10.2011
The separate housing associations that made up Sovereign Housing Group have merged to create a single organisation, becoming a more streamlined and dynamic business in the process.
The new single legal entity, Sovereign Housing Association, came into being after the boards and shareholders of all the subsidiaries backed the move, which was also approved by the Financial Services Authority.
Sovereign, which owns or manages more than 33,000 homes, is one of the largest providers of affordable housing in the south and south-west of England. With its headquarters in Newbury, it also has offices in Abingdon, Basingstoke, Bristol, Christchurch, Exeter, Plymouth and Swindon.
"Our new rationalised governance structure, with its single board, will give us a leaner, more efficient decision-making process and allow us to be more flexible and responsive in the challenging climate that is currently facing the housing sector," said Ann Santry, Sovereign’s Chief Executive.
"Just as importantly, our new structure has seven resident-led regional panels and a new Residents’ Council, which supports our desire to enable our residents to have greater influence on the services they receive."
The move to One Sovereign also brings with it a number of financial advantages, not least a number of efficiencies and economies of scale which will allow the business to deliver better value for money.
"Sovereign works in many areas. The move to one legal entity gives us greater balance and the opportunity to fully utilise our financial strength, which puts us in a strong position to achieve our strategic objectives and maximise the number of new homes we provide," said Sovereign’s Finance Director, Martin Huckerby.
"Thanks to the good relationship we have with our funders, we were able to overcome a series of challenges around lender consent and achieve a more efficient funding structure for the future," he added.
The entities that made up Sovereign Housing Group were: Sovereign Housing Association, which incorporated Sovereign South+West and Sovereign Twynham; Kingfisher HVHS Housing Association; and the Vale Housing Association Ltd.
