Flagship Group and Victory Housing Trust have announced that they are in talks to consider working in partnership.
If the discussions result in a partnership, the combined organisation would become the largest East Anglian-based housing group.
Talks are at an early stage, but the boards of both organisations have agreed that working together could generate more opportunities to invest in local communities.
The proposed partnership would create a 28,000 home landlord which would be able to deliver 10,000 new homes of which 7,000 will be affordable over the next ten years, as well as enhancing services to residents and investing £500 million in maintaining and improving existing homes.
The structure of any new partnership is still being discussed, but it is envisaged that Victory would join the Flagship Group, retaining its identity and ensuring continuity of tenancy for residents and of employment for staff.
Philip Burton, Chair of Victory Housing Trust, said: “We are exploring whether through working together we can deliver more new affordable homes and better quality services to our residents and our communities. An important part of this will be retaining and developing our people, as well as being able to invest more to meet housing need in our region.”
Peter Hawes, Chair of Flagship Group, added: “Our organisations share similar visions and values, and through working with our staff and customers we will explore how best to jointly manage our homes in Norfolk – bringing the best of both organisations together.”
About Victory Housing Trust
Victory Housing Trust is a charitable registered social landlord which owns and manages over 5,000 properties in Norfolk, serving over 10,000 residents.
The majority of its properties are located in North Norfolk, but it also has homes in Broadland, Great Yarmouth, Breckland, South Norfolk and King’s Lynn and West Norfolk.
Based in North Walsham, Victory employs 90 staff and has an annual turnover of £22 million.
It has been a proactive developer of new affordable homes, and has completed 948 since its inception in 2006, and is currently delivering new homes at the rate of around 200 per year.
About Flagship Group
Flagship Group owns and manages over 22,000 homes for people in housing need across the east of England.
The on-going maintenance and repair of our homes is undertaken by the Group’s other core service, RFT Services and it owns gas servicing company Gasway which it purchased in 2016.
Based in Norfolk and Suffolk, Flagship Group employs a total of 820 staff. In 2016/17 Flagship had an annual turnover of £119.5m.
Both organisations are G1/V1, the top rating from our regulator. Both are in the lowest quartile for cost per unit and in the highest quartile for gross margin in comparison with our national peers.