Member Article

Isos to team up with Cestria following approval from industry regulator

A partnership between two of the North-East’s leading social landlords has received conditional approval from the industry regulator.

Isos Housing and Cestria Community Housing are set to join forces under the Isos Housing Group banner on 1st October this year, and have now won approval for their plans from regulator the Homes and Communities Agency (HCA).

The combined business will own and manage nearly 17,000 homes, employ around 550 staff, and boast a combined turnover in excess of £70 million.

The new, enlarged Isos group will also benefit from the operating areas of the two landlords complementing one another.

While Cestria will become a wholly owned subsidiary of Isos, the intention is that the two landlords will work in partnership.

The partners calculate they can generate savings adding up to £6m over the first five years of working together, and then continue to save £2m per annum, every year thereafter.

Keith Loraine, chief executive of Isos, said: “Bringing Cestria into the Isos Group will help us deliver better services.

“Also, at a time of housing crisis, this partnership will put us in a stronger position to compete for government grant to build new homes.

“We are committed to achieving substantial savings which will enable our partnership to deliver more new homes and improved services.

“We calculate we will generate savings totalling £6m over the first five years, and £2m per annum, every year thereafter.

“Our calculations are based on detailed analysis and we are confident they are credible and achievable.”

This was posted in Bdaily's Members' News section by Ellen Forster .