Following agreement by both boards, Bromford and Flagship have today announced their intention to merge.
Coming together they will build on the strength and complementary capabilities of both organisations to create a new organisation – Bromford Flagship.
Merging these two strong organisations will release significant additional financial capacity over and above what either party could achieve alone.
This increased capacity will allow Bromford Flagship to deliver 2,000 homes each year for the next 30 years, with an aim of providing 50% of these homes at social rent.
Bromford Flagship will maintain the commitment that both organisations currently have to local accountability, they will maintain their locally focused teams and delivery model, and increase its effectiveness by devolving more decision making to local teams to ensure that customer services are delivered in line with customer wishes. These teams will be supported by the creation of a leading digital offering for customers and colleagues.
Bromford Flagship’s increased capacity will provide the opportunity to introduce new and innovative investment with the creation of a new Place Standard – looking beyond the fabric of each home to consider what is required to turn a ‘street’ into a ‘place’ where people want to live, and where customers and communities can thrive.
Finally, Bromford Flagship will develop two new exciting initiatives:
• The establishment of a learning Academy to offer training opportunities to both colleagues and customers; and
• A new Research and Development Team that will support the creation of the new, innovative organisation that will have customers at its forefront.
Peter Hawes, Chair of Flagship, and Steve Dando, Chair of Bromford, commented:
“The need for affordable homes, the quality of service that we provide to customers and an absolute focus on place has never been more important.
“The need for strong housing associations that can deliver at scale has also never been greater. As forward thinking organisations we have robustly reviewed the benefits from coming together and strongly believe that we can do more for our existing and future customers.
“Our aim is to secure significantly increased investment, to improve existing services and deliver more benefits for current and future customers. We are excited about the huge potential this opportunity offers and the difference it could make to people’s lives and local communities”.
Bromford and Flagship will spend the upcoming months discussing and consulting the proposals with customers and colleagues.
For Bromford customers there will be no change to your tenancy agreement or your rent.
FAQs
Question: What does this mean?
Answer: Both organisations are discussing how to create the best combined organisation and what that might look like. So far, there is agreement that there is a lot of potential benefit and that we could achieve more by joining forces.
Question: Why?
Answer: Both organisations are focused on how they can grow and deliver more to you. The housing sector faces challenges like achieving net-zero carbon, meeting demand for affordable homes, and improving health and safety. A merger will help us achieve more and become more robust by combining resources and becoming more efficient.
Question: Are you doing this because one or more of the organisations involved are struggling and needs support?
Answer: No – both organisations are healthy and therefore do not need a merger for financial or operational reasons.
Question: Will there be costs associated with this merger?
Answer: Customers will not incur any additional costs as a result of the merger.
Question: What do Bromford and Flagship get out of this if it goes ahead?
Answer: The merger would help achieve more together for all customers, including building more homes, investing more in existing homes, providing better services, and working more efficiently.
Question: When is this happening?
Answer: We are currently in talks, and this will last for some time. If it goes ahead, the merger is not likely to take place until spring 2025.
Question: Will my tenancy change?
Answer: No, everything that is currently in place for you stays the same.
Question: Will my rights be affected?
Answer: The merger will not affect your rights as a customer or leaseholder. The new organisation will continue to honour your existing tenancy agreement or lease, including any rights you have to buy or acquire your home.
Question: Will the amount of rent I pay be affected?
Answer: Your rent and service charge will not change as a result of the merger.
Question: Will I need to change how I pay my rent or service charge?
Answer: Not initially, but if the merger goes ahead, you will be informed before any change is required. You will receive plenty of notice and guidance.
Question: Will services offered be affected?
Answer: Not as a direct result of the merger. The new organisation will continue to provide the same service offering.
Question: Will I need to move house?
Answer: You will not be asked to move house as a result of the merger.
Question: Do I need to do anything?
Answer: No, you don’t need to do anything, but we would like your thoughts and opinions on the merger and ideas on how to make the most of the opportunities it offers.
Question: I’ve got more questions – who can I speak to?
Answer: You can speak to your neighbourhood coach or contact us on 0330 1234 034.
Question: Can I get involved?
Answer: Absolutely, we will arrange opportunities to talk in person and keep you updated.
Question: I live in a shared ownership property, will it impact my lease?
Answer: No, everything that is currently in place for you stays the same.
Question: I live in a shared ownership property, do I need to tell my mortgage company?
Answer: No, everything that is currently in place for you stays the same.
Question: I am a freeholder/leaseholder/owner, does this impact me?
Answer: Everything will stay the same, and we will continue to keep you updated as things progress.
