Hyde partners with non-compliant London landlord

The landlords said this followed “extensive” due diligence reviews of both organisations’ finances, governance and performance since the merger proposals were announced in August last year.

The housing associations said “a strong business case” was presented, highlighting additional investment into homes and communities over the first three years of the partnership.

The boards also considered feedback from THCH’s resident consultation before approving the partnership.

Andy Hulme, chief executive of the Hyde Group, said the provider was “committed to making improvements quickly, but thoughtfully”, with teams “already working hard behind the scenes to create meaningful change”. 

Mr Hulme said: “Our vision for the partnership reflects the feedback we’ve had from the communities THCH serves and can be best captured as THCH: Powered by Hyde – representing stability, growth and new opportunities.

“With Hyde’s strong foundations and expertise, the partnership aims to deliver safe and decent homes, great services, strong communities and a real voice for customers.

“By maintaining local roots and connections with the community, and combining this with new investment in homes and improved customer services, including a new dedicated in-house repairs service, we’ll create places people can be proud of.”

David Russell, board chair of THCH, called the partnership a “major milestone” and said the landlord had found “the right partner” to build on its improvement work.

He said THCH had been through “real transformation” over the past few years, improving its services, strengthening its building safety and building “a more positive” internal culture.

“We’ve made great progress, and we’re pleased to have found the right partner to build on this work,” Mr Russell said.

“Joining the Hyde Group is a major milestone. It gives us the resources, investment and expertise to do even more for our customers, while staying true to the community-focused values that make THCH special.”

Mr Russell also thanked Anita Khan, outgoing chief executive of THCH, and Mark Thrasher for his time as board chair.

“I want to thank everyone who’s played a part in this journey, especially our outgoing chief executive, Anita Khan, whose leadership has left a lasting and positive mark on the organisation,” he said.

“I’d also like to thank Mark Thrasher for his time as board chair. His guidance, commitment and steady leadership have been instrumental in getting us to this point. 

“As the local THCH board, our role will be to ensure this partnership delivers on its promise and that the benefits for customers and the community are fully realised as we begin to integrate with Hyde.”

Last year, S&P said it believed the partnership would not affect Hyde’s creditworthiness. The credit rating agency said this was because, in its view, the G15 landlord’s “large asset base and extremely strong liquidity” would mitigate risks from the partnership.