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Bromford Flagship and LiveWest confirm merger talks
Bromford Flagship and LiveWest have revealed that talks are underway to combine the two housing associations.
Bromford Flagship and LiveWest confirm merger talks #UKhousingBromford Flagship and LiveWest have revealed that talks are underway to combine the two housing associations #UKhousingIf the talks are successful, LiveWest would join Bromford Flagship as a wholly owned subsidiary of the parent company, which will be renamed Bromford Flagship LiveWest.
In an update to the stock market, the landlords said they believe the combined business would strengthen their financial standing and capacity.
This will “enable the delivery of more new affordable homes, more investment in existing ones and providing the services that help even more customers thrive”.
The combined business would be subject to registration by the Financial Conduct Authority, and both landlords’ investors will discuss the merger later this month.
LiveWest will join the group’s other subsidiaries: Flagship Housing, Bromford Housing and Merlin Housing Society.
Bromford and Flagship completed their merger to form an 80,000-home association in February this year.
As Bromford Flagship, the housing association aims to build 2,000 homes per year over the next 30 years, with 50% at social rent.
In a bid to reach this target, the organisation set up a £1.5bn Euro Medium-Term Note programme in June and issued its first sustainable bond in July.
In the same month, Bromford revealed it had brought in £20m after disposing its market rent properties as it moves to leave the sector and focus on social and affordable housing.
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