Peabody and Family Mosaic housing associations are merging
Peabody and Family Mosaic housing associations are merging to create a new organisation with assets worth £6bn.
The merged housing association, which will be named Peabody, will be responsible for 55,220 homes across London and the South East.
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The new Peabody will have a combined turnover of roughly £618m, with 11,825 new homes in the pipeline.
The merger is expected to be completed in July next year, and after it is finalised, Peabody's chief executive, Stephen Howlett, will leave. He has been with the business for 12 years, and will be retiring after a total 42 years working in housing associations.
After the merger, Brendan Sarsfield, chief executive of Family Mosaic, will take over from Howlett. Peabody's current chair, Lord Kerslake, will be chair of the new organisation, and Family Mosaic's chair Ian Peters, will become vice chair.
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Lord Kerslake, chair of Peabody, and Ian Peters, chair of Family Mosaic, said: "The new group will build on the track record, capabilities and shared values of Peabody and Family Mosaic to create a truly distinctive organisation. Our combined scale and London focus will enable us to do more together than we could achieve alone."
|
2016 highlights |
Peabody |
Family Mosaic |
Total for new organisation |
|
Number of homes |
29,292 |
25,928 |
55,220 |
|
Number of residents |
57,000 |
54,000
(including care and support) |
111,000 |
|
Turnover 2015-16 |
£352m |
£266m |
£618m |
|
Development pipeline |
8,000 |
3,825 |
11,825 |
|
Surplus 2015-16 |
£116m |
£75m |
£191m |
|
Number of employees |
1,100 |
2,506
(74 per cent employed in care and support)
|
3,606 |