House

Your Housing Group completes restructure



Your Housing Group (YHG) has completed its restructure which has resulted in a major simplification of the organisation.

The group has been renamed Your Housing Limited (YHL) with the five core registered providers being combined into one entity.

Around £457m of the group’s finances and underlying security arrangements have been restructured as a result of the process and YHL will own and manage more than 28,000 homes across the North West.

The group now comprises a non-asset owning parent company with YHL as the main asset-owning subsidiary and Frontis as a for-profit registered provider holding a range of social housing and other assets.

One former stock transfer association within the group Moorlands Housing Association has been transferred into YHL, while Leasowe and Derwent & Solway housing associations have left the group.

“This transaction increases financial capacity and reduces operational risk,” said Jeremy Earnshaw, CFO of Your Housing Group.

“It allows us to focus on running and developing the business."

“Your Housing Group now has a clear and robust platform to take forward our strategic aims and we are excited for the future."

The group worked with Centrus and Devonshires throughout at a strategic and transactional level and their support was much appreciated.

“Your Housing Group has dramatically improved its treasury flexibility, raised additional liquidity, obtained more freedom to deliver new homes on a variety of tenures, and retained a significant amount of economic value in historic financing relationships,” added John Tattersall, assistant director at Centrus, who advised on the transaction.
 
“We are pleased to have supported YHG in securing this excellent outcome."

Gary Grigor, partner at Devonshire, who provided legal advice, added: “The nature and complexity of the transaction called on a multitude of legal services ranging from banking and corporate advice to pensions and governance support.

“We employed a dedicated team of sector-renowned lawyers to help Your Housing Group navigate these complex issues to ensure that YHL is better aligned to achieve its business aspirations."


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