Cumbria housing association merger complete

Mon, 20 Aug 2018 | MERGER

Two of Cumbria’s largest housing associations have now come under one name after completing a merger that followed a legal proceeding agreed upon by both boards.

Impact Housing has now become a subsidiary of Riverside in an attempt to make the business a more viable one. In return, Riverside has vowed to invest £25 million in Impact’s business to improve its 2,770 houses in Lancashire and Cumbria.

Due to growing financial strains placed on Impact as a result of government-imposed rent cuts and the Storm Desmond floods in 2015, the company has since footed an expensive bill of roughly £6 million.

The decision to merge is a longstanding one, with Impact beginning talks with Riverside in January 2018 itself. Impact later faced a tremendous push to become a subsidiary of Riverside in June, which resulted in the merger.

The interim managing direct of Impact, Bryonie Shaw said: “The announcement is the result of almost a year of very intensive work to seek a strong partner that will secure Impact’s future and win the support of our tenants, shareholders and local partners in our joint plans.

“I’m really thrilled that we are now in a position to make a real difference to our customers’ homes and lives whilst revitalising our development programme of new affordable homes within the region.”

All tenants have been guaranteed that no rent increases will follow the merger, and all of Impact’s employees have been assured that their jobs will be secure at least until 2020.

The merger will also offer Riverside the chance to support Impact’s successful community projects such as the Oval Centre in Workington, and the furniture resource centres in Carlisle and Barrow.

Riverside’s group chief executive, Carol Matthews said: “Our priority is now to begin delivering the promises in our partnership pledge with a clear focus on strengthening Impact’s financial position and governance arrangements.

“Over the next two to three years we will be looking to re-ignite Impact’s development programme and begin exploring the potential to bring our two organisations’ operations closer together across the region.”

For more news stories about mergers, click here.

For all our business for sale listings, click here.


Share this article



Latest Businesses for Sale

Sweeper Hire Specialist
North of England, UK Wide

Core services provided by the business include road sweeping, drain jetting, gully emptying, jet washing and airport sweeping. Strong second-tier management team able to manage the day-today operations of the business. Offers invited.

Asking Price: Offers Invited
Turnover: £2,500,000

FREEHOLD


Manned Guarding Security Business
Central London, South East, UK

Long time established security business which provides highly trained manned guarding operatives to its blue chip clientele. The company provides a total security solution for its high profile corporate clientele. Operating in the premium sector. Of...

Asking Price: £1,350,000
Turnover: £3,400,000

LEASEHOLD


Showhome Interior Designers & Furnishers
Cambridgeshire, UK Wide

Established 1981. Enviable reputation. Fantastic trading location. Semi-retirement sale. Offers invited.

Asking Price: £775,000
Turnover: £1,269,946

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
19
 
Jul
 

Outdoor activity centre completes MBO | BUSINESS SALE

An outdoor water activity centre has been successfully sold ...

 
18
 
Jul
 
 
17
 
Jul
 

Preston caravan manufacturer seeks buyer following administration | ADMINISTRATION

A caravan manufacturing business in Preston is on the lookou...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Related News

 
20
 
Mar
 

Lake District hotel for sale | COMMERCIAL PROPERTY

The Best Western Burnside Hotel and Parkside Country Club in...

 
10
 
Feb
 

Riverside Automation engineering firm undertakes MBO | MBO/MBI

Engineering business Riverside Automation has been purchased...

 
12
 
Mar
 

Two Lake District hotels with for sale signs | ADMINISTRATION

Two hotels in the Lake District have been put up for sale af...

Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources