Flagship Group and Victory Housing Trust have today (Wednesday 2 January) agreed to work in partnership creating the largest housing association in the East of England owning and managing 28,000 homes.
Over the next 10 years, the new partnership has set an ambitious target to invest £534m in maintaining and improving existing homes and to build more than 10,000 new homes. An important part of this is to develop as many new social rented homes as possible. The partnership will save over £38m in its first ten years and its development investment is expected to support 400 new jobs.
Victory has joined Flagship as a subsidiary retaining its identity and ensuring continuity of tenancy for its Norfolk residents as well as stability for its staff.
Peter Hawes, Chair of Flagship Group, said: “We are both strong and successful housing associations, but together we can be even stronger and more successful. Collectively, we have enhanced financial strength, greater effectiveness and efficiency, the ability to invest more in our existing homes, and support our customers.”
Philip Burton, Vice Chair of Flagship Group (former Chair of Victory Housing Trust), added:
“This is an exciting time for Victory as together we can deliver more affordable homes and better-quality services to our residents and our communities. The partnership will create organisational growth and also greater opportunities for individual growth and progression for our staff.”
About Victory Housing Trust
Victory Housing Trust is a charitable registered social landlord which owns and manages over 5,000 properties in Norfolk, serving over 10,000 residents.
The majority of its properties are located in North Norfolk, but it also has homes in Broadland, Great Yarmouth, Breckland, South Norfolk and King’s Lynn and West Norfolk.
Based in North Walsham, Victory employs 90 staff and has an annual turnover of £26 million.
It has been a proactive developer of new affordable homes, and has completed 1053 since its inception in 2006, and is currently delivering new homes at the rate of around 200 per year.
About Flagship Group
Flagship Group owns and manages over 22,700 homes for people in housing need across the East of England.
The on-going maintenance and repair of our homes is undertaken by the Group’s other core service, RFT Services, and it owns heating company Gasway which it purchased in 2016.
Based in Norfolk and Suffolk, Flagship Group employs a total of 866 staff. In 2017/18 Flagship had an annual turnover of £133.7m.
Both organisations are G1/V1, the top rating from our regulator. Both are in the lowest quartile for cost per unit and in the highest quartile for gross margin in comparison with our national peers.