Posted 10/12/2021
Swan response to Regulatory Judgement and Potential Partnership Update Issued 10 December 21
The Regulator for Social Housing has reviewed its previously published assessment of our governance and financial viability from G2/V2 to G3/V3.
We accept the Regulator’s findings. We have been working proactively with the Regulator since it issued a ‘Grading under review’ notice and have in progress a series of actions to deal with the immediate challenges seen within our business plan.
We remain committed to the communities we serve and will continue to work with the Regulator to address its findings in this judgement.
We can confirm that the Board of Swan Housing Association Limited (including Swan Housing Capital plc) has entered discussions with the Board of Orbit Group Limited (including Orbit Capital plc), to form a mutually beneficial partnership. Should the partnership go ahead, it is expected that the transaction will be completed late 2022.
Orbit has an excellent track record on delivering for customers and investing in homes. It has a strong culture of employee engagement and is ambitious to grow in our existing geographical area, where it does not currently operate.
We believe that this geographical fit and complementary cultures will ensure that we can continue our vital work in serving our customers, regenerating local communities and delivering on our local partnership commitments.
Commenting on the Judgement Swan’s Chair Pat Billingham said: “We accept the Regulator’s findings. We have been working proactively with the Regulator since it issued a ‘Grading under review’ notice and have in progress a series of actions to deal with the immediate challenges seen within our business plan.
"We remain committed to the communities we serve and will continue to work with the Regulator to address its findings in this judgement.”