Huntingdonshire housing provider set to become part of larger group after merger deal is rubber-stamped
- Credit: Archant
The merger between Huntingdonshire housing provider Luminus and UK-wide group Places for People has been completed.
Luminus, based in Huntingdon, will become a subsidiary of Places of People, which manages 195,000 homes across the country, though the group has stressed that it will retain its identity, local offices and management team as part of the deal.
The merger was first mooted last year in the wake of a damning report into safety failings at Luminus issued by the Homes and Communities Agency, which rated it as non-compliant at the time.
Luminus has said the new partnership will allow it to develop 1,000 new homes over the next five years and will “strengthen its financial position to deliver investment in its existing homes and services”.
Nigel Finney, managing director of Luminus Group, said: “Joining Places for People is a major milestone for Luminus, which will benefit our customers, staff and the communities we work in. The opportunity to enhance our services and build more new homes as part of one of the UK’s largest and most forward-thinking housing providers is a pivotal moment in Luminus’ history.
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“Joining Places for People offers our customers and staff the best of both worlds; enabling us to continue to deliver services locally that are tailored to our communities, while benefitting from the financial security, economies of scale and opportunities that come from being part of a much larger organisation.”
Jo Lancaster, managing director of Huntingdonshire District Council, said: “One of the council’s main priorities is to ensure that our residents have access to affordable homes.
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“The partnership between Luminus and Places for People is a positive move that will benefit all parties, and we very much look forward to a renewed relationship with them, driving forward housing choices for our communities.”
Luminus Group is the fourth independent housing association to join the Places for People Group. Castle Rock Edinvar in Scotland joined the group in 2005, followed by East Anglia-based Cotman Housing Association in 2009, and most recently Derwent Living in 2017.