Boss Robert Nettleton says group now able to invest £18bn by 2040 in new and existing homes after completion of 127,000-home merger work

Bromford Flagship LiveWest (BFL) has increased its turnover to nearly £1bn despite a fall in its non-social housing income.

Robert Nettleton (002)

Robert Nettleton, chief executive of BFL, has an £18bn plan to invest in new and existing homes

The 127,000-home giant, in its first audited accounts since its merger last year, confirmed its overall turnover increased 3% from £917.7m to £945.6m.

The group’s social housing lettings turnover increased by £39m, this was offset by a £13m drop in its non-social housing income. The latter includes a £12m reduction in income from outright sales and a £3.5m fall in market rental income.

The group’s total surplus dipped slightly from £187m to £185.7m, with interest costs rising by £17.2m.

BFL’s financial statement confirmed several figures previously announced by the organisation in a trading update in May.

It confirmed it built 2,871 homes in the 2025/26 financial year, which based on statements from other large providers so far will likely mean it is the biggest builder of homes among UK housing associations.

BFL was formed in January when Bromford Flagship merged with LiveWest. The merger was the second for Bromford in less than a year, following its deal with Flagship in 2025. The latest merger means BFL is the sixth largest housing association in the UK by turnover based on last year’s figures.

Robert Nettleton, chief executive of BFL, said the merger has created an opportunity to unlock an extra £3.4bn of investment and the group has “completed all the work needed to do so”.

He said: “The result is that we now can invest £18bn over the period, all driven by our purpose of enabling people to thrive.”

The group’s overall customer satisfaction increased from 82% to 84%. BFL’s overall operating margin increased from 27% to 28% while its social housing lettings margin remained at 31%.

BFL has increased its liquidity year-on-year from £1.2bn to £1.6bn and its EBITDA MRI interest cover is 143%.

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