Regulator to probe potential ‘serious failings’ at Heylo’s RP after group investment companies enter administration

The Regulator for Social Housing (RSH) has put a BlackRock-backed for-profit provider’s grading under review after two investment companies owned by the wider group were put into administration.

PricewaterhouseCoopers (PwC) has been appointed as the administrators of a total of four corporate entities linked to HH1 and HH5, a pair of subsidiaries to the Heylo Housing Group which between them own 3,500 of the group’s 10,000 shared ownership homes.

In a statement, a Heylo Housing spokesperson confirmed that “on 12 March 2026, HH No.1 New Holdings Limited, HH No.1 Holdings Limited, HH No.1 Limited and HH No.5 Limited investment pods have entered into administration, with PwC LLP being appointed as administrators.”

Other entities within the group, including the entity that is regulated by the Regulator of Social Housing (RSH), remain unaffected, the spokesperson said.  

Records at Companies House confirmed that HH No.5 Limited (HH5), HH No.1 Holdings Limited, HH No.1 New Holdings Limited all recently filed notices of the appointment of PwC as administrators.

However, as of Thursday morning, HH No.1 Limited had not yet filed a notice of administrator’s appointment at Companies House. 

The RSH today (Thursday) announced that Heylo Housing Registered Provider Limited (HHRP) had been put on its gradings under review list. 

HHRP is the regulated entity within the group’s structure, with the rest of the companies being property investment vehicles.

The for-profit RP currently has non-compliant G3 and V3 rating after breaching governance and viability standards in December 2022.

“RSH is currently investigating additional matters which may indicate serious failings in the landlord delivering the outcomes of the Governance and Financial Viability Standard,” said the regulator.

“This follows the appointment of administrators to connected group companies as a result of events of default under the terms of their loan facilities.”

Housing Today understands that, in order to reach compliance, HHRP had agreed to transfer all six of the group’s property investment companies under its auspices, a move that required all noteholders of these companies to agree.

However, noteholders of HH1 and HH5 did not agree and on 12 March entered into administration.unable to comply with regulatory standards, however it is not in administration.

Resi Management, which is a commonly controlled sister company of Heylo Housing Group, will continue to manage the homes owned by HH1 and HH5 and is understood to be working with administrators to limit the impact on tenants. These homes are expected to be sold to a registered provider.

Andrew Geczy and Tim Willcocks, both senior executives with the group, are stepping down from their board positions at the registered provider entity, but they will continue to lead the company at the group level.

“The team at Heylo Housing is working closely with the administrators, and our customers remain our top priority to ensure a smooth and orderly transition,” said Heylo’s spokesperson.

“As this is an ongoing matter, we are unable to comment further at this stage.”