Isos and Cestria closer to joining forces after HCA nod
Published by Brian Church for 24dash.com in Housing
Isos and Cestria
The Homes and Communities Agency has given conditional approval to plans by Isos Housing and Cestria Community Housing to join forces later this year.
While Cestria will become a wholly owned subsidiary of Isos, the two north east social landlords said they intend to work in partnership.
The new Isos Housing Group is set to start from 1 October. The combined business will own and manage nearly 17,000 homes, employ around 550 staff, with a combined turnover in excess of £70 million.
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."
The organisations said they can generate savings adding up to £6m over the first five years of working together, and then continue to save £2m every year after.
Paul Fiddaman, Cestria’s chief executive and deputy chief executive (designate) of the Isos group, said: "We have a fantastic opportunity to build a top class, industry leading business here. The HCA approving our plans today is a fantastic vote of confidence in the partnership between Isos and Cestria, and it is now up to every one of us to ensure we deliver on the huge promise that this new partnership offers."