The housing associations have got the green light from their respective Boards…
The Boards of Paradigm Housing and Settle Group have agreed to go ahead with a proposed merger.
The two housing associations will form a new organisation which will initially be known as SettleParadigm.
The merger will create the largest housing association operating in their regions, primarily covering Buckinghamshire, Hertfordshire and Bedfordshire.
Both Boards decided to proceed with the merger after considering a detailed business case, information gathered through due diligence, and feedback from a six-week consultation with residents of both organisations.
More than 2,600 Settle and Paradigm residents responded to the consultation, with around 80% of residents feeling either positive or neutral about the proposals.
Paradigm Housing Group owns and manages more than 16,000 homes across the south east. Settle Group provides services to more than 23,000 residents in over 10,000 homes in neighbourhoods across Hertfordshire, Bedfordshire, Buckinghamshire and South Cambridgeshire.
The merger, which was first announced in March, is expected to complete in October this year. A shadow Board and Executive team has already been appointed to lead the new organisation.
Paradigm also announced in March that it was in discussions about buying 3,500 homes in South Buckinghamshire from L&Q and these negotiations are at an advanced stage.
Matthew Bailes, Designate Chief Executive, said: “Everything we do is about providing high quality homes, great services to our residents, neighbourhoods we are proud of and building as many new, high-quality affordable homes as we can.
“The partnership between Settle and Paradigm, and the potential addition of 3,500 homes in our core area, means that the new organisation will be large enough to take on the most difficult challenges, whilst remaining genuinely local. We have an exciting future, building from the best in both organisations.”
Rod Cahill, interim Chief Executive at Settle, said: “I am delighted that our Board has agreed to move forward with the merger between Settle and Paradigm.
“I believe it will be good for Settle and Paradigm residents, for the people working at both organisations and for all our partners. Reaching this stage has involved a considerable amount of work by colleagues at both organisations and I’d like to thank all those involved. Everyone has shown real commitment to making this work, which bodes well for the partnership to go from strength to strength.”