Boards approve proposed merger of Network Homes and Sovereign
07 September 2023
Yesterday (7 September) the Boards of Network Homes and Sovereign formally agreed to merge to form SNG (Sovereign Network Group) on 1 October 2023.
SNG will serve over 210,000 residents in over 82,000 homes across London and the South of England. As one of the largest housing associations in the country, we plan to invest around £8.5 billion in existing and new homes over the next 10 years. There will be a development programme of up to 2,500 new affordable homes a year, alongside an ambitious strategy to make existing homes more environmentally friendly.
The new organisation will establish a new Community Foundation which will invest £100m over 10 years to directly support residents and communities. It will also adopt Sovereign's Homes and Place sustainability and wellbeing standard that was co-created with customers.
Due to the different geographic areas covered by both organisations, there will be little immediate change for residents. The merger won’t affect their right to live in their home. They will have the same lease or tenancy agreement and will be able to contact us to report repairs, make a payment, and request services in the same way they currently do.
Even when services are fully integrated, SNG will continue to be locally responsive and deliver services in different ways in different places, in response to the requirements of different residents, homes and places. We will be sending a letter to all residents before 1 October to provide more information on the merger.
Sovereign Chief Executive, Mark Washer, will become CEO of SNG.
Bringing these two great organisations together will enable us to invest in creating more homes, and better homes for our current and future customers. Combined, we will be a leader in delivering sustainable and affordable housing, including for social rent, as well as investment in communities. We are already seeing the potential for our complimentary skills and experience to help us deliver better for each of our customers and the future is hugely exciting.Mark Washer
Network Homes Chief Executive, Helen Evans, will become Deputy CEO of SNG.
I’m pleased we now have the green light to pursue this exciting new chapter for both organisations as we join together as one organisation. As Deputy Chief Executive, I will be overseeing the transition and significant work is now underway to ensure we will have the right structures, systems, and processes to deliver for customers from 1 October onwards. I’m looking forward to working with Mark, our new Executive Board and colleagues in ensuring the new organisation is a success.Helen Evans
The proposed merger was first announced on 13 March 2023. Both boards approved proceeding with the merger at their respective meetings following an extensive due diligence exercise, resident feedback exercise at both Sovereign and Network Homes and engagement activities with colleagues.