Troubled Thistle names preferred partner for stock transfer

Transfer recommended by Scottish Housing Regulator could happen within the next financial year.

Business deal and merger

 

Thistle Housing Association has chosen Sanctuary Scotland as the a preferred partner for a stock transfer recommended by the Scottish Housing Regulator (SHR).

In November, SHR published an updated Engagement Plan for Thistle deeming the transfer of all stock to another Registered Social Landlord (RSL) as the “best way forward”.

Bob McGuire, Interim Director of Thistle HA, said: “We are delighted to announce Sanctuary Scotland as our preferred partner to progress our proposed transfer.

“Thistle and Sanctuary will develop the proposals for transfer and consult with our tenants and residents.”

Thistle has 947 social rent homes and 786 factored owners, Sanctuary Scotland manages more than 7,000 homes and is part of Sanctuary Group.

Both bodies  will now undertake a period of due diligence and, if the transfer is given the go-ahead, Thistle would likely transfer in the 2020/21 financial year.

Pat Cahill, Director – Sanctuary Scotland, said: “We are pleased to have been selected as the preferred partner by Thistle.

“If the transfer to Sanctuary Scotland goes ahead, we will ensure that tenants and factored owners are placed at the heart of decision-making.

“Sanctuary Group has a strong track record of supporting and assisting housing associations in difficulty, and we believe doing so enables us to deliver our social purpose even more widely.”

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