Bromford and Flagship complete merger to form 80,000-home group

Also from Bromford, Martyn Blackman, chief investment officer; Paul Coates, chief customer officer; and Heather Richardson, chief risk officer, will continue their roles at the new landlord.

Meanwhile, Flagship’s David Armstrong will maintain his position of chief operating officer at the new group, and Peter Hawes, former chair of Flagship, will chair the board.

Bromford Flagship said the merger unlocks “significant financial capacity beyond what either organisation could achieve alone”. This could allow the group to deliver 2,000 homes per year for the next 30 years, with an ambition for 50 per cent to be at social rent, it added.

Bromford Flagship said it will also introduce “new and innovative investment” through the creation of a ‘place standard’, which will focus on “transforming streets into thriving communities, and places where people want to live”.

In addition, Bromford Flagship is launching two major initiatives: a learning academy to provide training opportunities for colleagues and customers, and a research and development team to focus on customers’ priorities and service improvements.

In November, Bromford said the planned merger with Flagship would create additional capacity of almost £2bn over the next 15 years.

The housing associations first announced plans of the tie-up in June last year.

Mr Nettleton said: “The need for affordable homes, the quality of service we provide to customers, and an absolute focus on place has never been more important. The need to unlock additional capacity that enables housing associations to deliver at scale has also never been greater.

“We’re excited about the huge potential this opportunity offers and ultimately the ability to enable more people to thrive.”

Bromford Housing Group has been renamed Bromford Flagship and now serves as the group parent. Flagship Housing Group has been renamed Flagship Housing and is now a wholly owned subsidiary of Bromford Flagship.

The new structure also includes Bromford Housing Association, Merlin Housing Society and other existing entities from both organisations.

In February this year, the regulator upgraded Flagship’s governance grade from G2 to G1 and retained its existing V2 rating. Meanwhile, in December, Bromford’s G1/V1 grades were maintained.

Both were previously given A2 credit ratings by Moody’s and Bromford was also rated A+ by S&P Global.

According to the latest financial results for both housing associations, Bromford saw its pre-tax surplus drop from £75.3m in 2022-23 to £67.7m in the last financial year. Meanwhile, Flagship grew its pre-tax surplus from £49.2m to £57.1m over the same period.