Impact Housing Association has started partnership talks with Riverside with a view to the Cumbria- based housing provider joining The Riverside Group later in the year.
To improve long-term prospects for their homes, tenants and staff, Impact has approached a carefully selected number of housing associations with which to explore a partnership for the future.
A shortlist of housing associations was interviewed to find the best-fit partner who shares the same values and has a sound framework for listening and delivering services locally.
Riverside was selected by Impact’s board as its preferred partner following the rigorous competitive process undertaken at the end of 2017. Riverside owns and manages over 52,000 homes in England and Scotland, including 6500 in Cumbria.
Mark Costello, Impact’s Chair, said “We have made substantial progress in the last six months, restructuring our organisation and making £1.3m savings. This helped generate interest from several housing associations, giving us real choice.
“We are delighted to be commencing talks with Riverside, whose bid impressed us on every level. They clearly understand the challenges that have led to us seeking a partner association, and our board believes they have the local knowledge and national strength that will support us in securing a sustainable future for our homes and services. We are both strongly values-driven organisations, and this makes us a ‘good fit’.”
Max Steinberg, Chair of Riverside’s Board, added: “We are very excited at the prospect of working with Impact to help deliver improvements for its 3,000 customers in Cumbria. We believe our bid set out a very realistic and deliverable set of plans for both short-term recovery and long-term prosperity as the two organisations work together, and we are very much looking forward to getting those plans underway.
“We are now commencing detailed negotiations and a due diligence process, after which we will be in a position to announce our joint plans in greater detail, and secure the support of the shareholders and funders of both organisations.”