Notting Hill Housing and Genesis Housing Association have agreed “in principle” to a merger that will create a 64,000-home housing association.
Notting Hill Genesis will be one of the largest housing associations in the country, with combined reserves of £3.1bn, loan facilities of £3.5bn, a turnover of £700m per year and a net surplus of £12m.
It aims to build 2,700 new homes a year – 400 more than would be achievable separately.
Kate Davies from Notting Hill Housing has been named chief executive designate, with Elizabeth Froude, Genesis deputy chief executive, appointed deputy chief executive designate.
Chair designate of the new provider, Dipesh Shah, said: “Uniting two associations with a common culture, a common vision and an aspiration to enrich their social purpose augurs well for the future of the merged entity.”
Current Genesis chief executive Neil Hadden did not apply for the role of chief executive, but will remain as Genesis’ head until the merger is complete in early 2018.
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