Flagship, Futures and BPHA enter three-way merger discussions

Three housing associations are in merger talks to create a £370m-turnover housing association operating in the midlands and east of England.

Flagship Group, which owns or manages 31,500 homes and is based in Norfolk, is in talks about joining with 19,000-home Bedford-based BPHA and 9,300-home Leicestershire-based organisation Futures Housing Group to form a 60,000-home association.

The three associations build nearly 1,000 homes in total last year (see box)

At-a-glance: the three housing associations

AssociationHomes built last yearTurnover (£m)Amount of stock 
Flagship 478 £200 31,529
BPHA 366 £110 19,464
Futures Housing 146 £62.30 9,383
Total 990 372 60,376

Source: 2020/21 financial statements

In a brief joint statement today, chairs Peter Hawes (Flagship), Paul Leinster (BPHA) and Mike Stevenson (Futures) said: “In these early stages of talks it is clear we have much in common, including geographic synergy, shared priorities to enhance customer service and the provision of more homes.

”All three organisations have strong credit ratings,which provide a firm financial foundation for a partnership.

“We are discussing how a combined, larger organisation could make a difference for more people. It is encouraging that our ethos and values align, and that we share a commitment to the importance of local delivery.”

See also>> Housing association accounts 2020/21 coverage all in one place