Provider being investigated by regulator sells 231 homes to generate proceeds for reinvestment and cuts back on commercial activity
GreenSquareAccord’s (GSA) development fell by around two-thirds in 2026/27 as it shifted its focus to improving existing social housing stock.
The 26,000-home provider, in its audited accounts, revealed it completed 121 homes in the year, down from 333 the previous year.
The group’s turnover fell 6% from £221.9m to £208.9m, which was due to shared ownership and market sales activity falling by £14.4m and the impact of exiting care and support contracts offset by a rise in social housing lettings income.
The provider made a deficit of £700,000, compared to a restated deficit of £17.6m the previous year. GSA incurred a number of one-off costs in the year relating to its decision to focus the business on “core” social housing activity.
These include impairments totalling £1.3m on properties identified for disposal, rectification costs on a scheme of £1.1m and redundancy costs of £600,000 relating to a decision to close its former head office in Chippenham. It also faced costs of £500,000 due to its decision to close its LoCaL homes factory and an impairment of £3.4m relating to its decision to reduce or exit commercial activity.
GSA is embarking on a strategic asset management programme to dispose of some older properties to generate funds for reinvesting in improving homes. It disposed of 231 homes in the year, generating £38m in cash and £21.8m in profit for re-investment.
The group stepped up its spend on improving existing homes, increasing its annual capitalised expenditure on stock from £22.6m to £31.3m and its revenue-related spend on repairs and refurbishment from £18.2m to £22.8m.
Colin Dennis, chair of GSA said: “GSA is reducing its involvement in non-core and more commercially- focused activities, including construction services, open market sales and offsite manufacturing through LoCaL Homes.
“This strategic realignment enables the organisation to simplify its operating model, strengthen financial resilience, and concentrate on the development, management and maintenance of social housing, where it can have the most significant and sustainable impact.”
GSA is currently on the Regulator of Social Housing’s ‘gradings under review’ list. This means the regulator is investigating matters which may show GSA is in breach of the governance and financial viability standard. Currently it complies with the standard with a ‘G2’ rating for governance and ‘V2’ for viability.
RSH has declined to comment on the reasons why GSA is on the list. GSA has also in recent months become embroiled in a controversy relating to a potential sale of a scheme to a housing co-operative.
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