A Merseyside housing association which was deemed unviable by government regulators after breaching loan covenants has been rescued by larger rival One Vision Housing.
Venture Housing Association had 1,300 properties in Liverpool and Wirral and a turnover of £5.7m, and 30 staff. The Homes & Communities Agency's social housing regulator found in October 2014 that Venture was not viable or properly governed. See the full regulatory judgement here.
The Venture name will cease to exist, however its office on Boaler Street in Liverpool will remain open under One Vision Housing, which has predominantly operated in the borough of Sefton until now. The agreement brings the number of homes One Vision owns and manages to 13,000. One Vision plans to develop 500 units in the next four years.
Roy Williams, chief executive of One Vision Housing, said: "We're extremely excited by this opportunity, giving One Vision a presence in two new local authorities, Liverpool and Wirral. We look forward to developing our relationships with our new tenants and stakeholders and making a significant contribution to the local communities."
Cllr Ann O'Byrne, assistant mayor and cabinet member for housing at Liverpool City Council, said: "It's extremely reassuring to know that the future is secured for Venture's tenants. One Vision is a highly regarded landlord, so it's great to see their prominence growing in Liverpool."