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Shareholders back Genesis and Notting Hill merger

Genesis and Notting Hill shareholders have backed plans to merge the two organisations and create a new 64,000-home housing association. 

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Both groups of shareholders met yesterday (1 February 2018) to confirm their support for the plan.

 

The vote follows the special general meetings held by the two associations on 16 January, where both sets of shareholders overwhelmingly voted in favour of the merger proceeding.

 

Genesis Housing Association said that a “clear majority” of its shareholders had voted to confirm the merger with Notting Hill Housing.

 

And Notting Hill said that its shareholders had “overwhelmingly” voted to confirm their support for its proposed merger with Genesis.

 

The associations were constitutionally bound to hold a second vote to confirm the merger.

 

Notting Hill has 102 shareholders and Genesis 55.

 

The new entity, Notting Hill Genesis, has pledged to build an extra 400 homes following the merger.

 

A Genesis spokesperson said: “We are obviously delighted that our own shareholders at Genesis and those at Notting Hill Housing have voted so strongly in favour of the merger proceeding.

 

A Notting Hill spokesperson added: “The boards of both Notting Hill Housing and Genesis feel our proposed merger is an exciting and positive move for residents and colleagues, as well as for London and the South East more widely, and are pleased our shareholders feel the same.”

The pair said that work continues to prepare the two organisations to become Notting Hill Genesis, including “ongoing conversations and engagement with our residents, colleagues and funders”.

 

The merger was originally estimated to complete by the end of the 2017 calendar year. It is now expected to complete in April 2018.

 

A Genesis spokesperson said: “We had been working towards completing the merger by the end of 2017, but both boards agreed in October that it would be sensible to push timescales back to allow a little more time for discussions with residents, colleagues and wider stakeholders.

 

"Merging two large organisations is a complex process, so while we had been on course to meet the original target date, the decision to defer this slightly was made in the interests of ensuring the process ran as smoothly as possible for everyone involved.

“Now that both sets of shareholders have voted in favour of the merger, we are taking final steps with a view to bringing the organisations together formally in April 2018.”


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