Sanctuary’s rescue deal to take over troubled housing association Swan has been delayed due to the failure to secure lender consents in time.

The merger between 105,000-home landlord Sanctuary and 11,600-home Essex-based Swan, signed off by both boards last Thursday, had been due to complete today.

However in a stock market announcement this afternoon Sanctuary said: “The business combination between Sanctuary and Swan remains subject to obtaining appropriate consents and satisfactorily concluding commercial discussions with third parties.” A source close to the situation told Housing Today the consents mentioned refer to lender approvals.