A year of uncertainty rooted in a poor regulatory assessment came to an end for a Cumbrian social landlord when it completed its merger with a large association celebrating 90 years in existence.
Workington based Impact has 2,770-homes. It was rated non-compliant for both governance and viability last year, when it was found to have insufficient financial headroom in its business plan by the regulator. After an exercise to find a suitable rescue partner, Impact chose Riverside, a large association based in the North West with more than 52,000 homes, including 6,500 in Cumbria. The merger was completed after a vote by Impact’s shareholders and consulting with their residents.
Carol Matthews, chief executive at Riverside, said:
“Welcoming Impact into the Riverside family is a really fitting way to celebrate our 90th year as a provider of social housing. It’s a landmark event and the start of an exciting new chapter for both our organisations. “We will maintain local service delivery to customers through the offices and colleagues they know and trust while we begin scoping out with them the ambitious housing improvement programme.”
By Patrick Mooney, editor