RBH secures £55m to continue recovery
Having had its compliant status reinstated by the social housing regulator last year, Rochdale Boroughwide Housing said it is now well placed to “address key regeneration priorities”, which could include the redevelopment of the Seven Sisters tower blocks.
RBH has secured new loan facilities valued at £55m from Santander and Principality. Santander has renewed a £25m loan for a further five years and is providing a £10m revolving facility for the same term.
Meanwhile, Principality’s £20m loan marks the first foray into England’s social housing sector for the Cardiff-based lender.
RBH, which manages more than 12,000 homes in Rochdale, was stripped of its G1 compliance rating in December 2022 following the death of two-year-old Awaab Ishak two years prior.
Ishak died as the result of prolonged exposure to black mould in the RBH home he lived in.
RBH was deemed compliant once more last summer having made a raft of structural and governance changes.
This included sacking previous chief executive Gareth Swarbrick and appointing Amanda Newton to replace him.
Newton said the fresh funding package would allow RBH to continue its recovery.
“Securing this funding package is a real vote of confidence in RBH and in our future,” she said.
“Building on our return to compliance with the Regulator of Social Housing last year, it means we can look into 2026 with increased optimism as we deliver on our three- year Corporate Strategy, which has the needs of our customers firmly at its heart.”
Kevin Brady, chair of the Board at RBH, said that the funding would help to address “regeneration priorities that will deliver new housing and community benefits across the borough of Rochdale.”
RBH’s most high-profile scheme is Seven Sisters, seven tower blocks that dominate the town’s skyline.
All residents within the 1960s Rochdale tower blocks have been asked to depart amid safety concerns, but it has not yet been decided if the buildings will be refurbished or torn down.
A decision had been scheduled for the end of last year but has been delayed.
