Boards say yes to merger | News

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Boards say yes to merger

The Boards for THCH and Poplar HARCA have decided to take the next steps towards a merger.

Legal completion is expected in spring 2024, pending discussion with the Regulator of Social Housing.

The decision to proceed was informed by an extended twelve-week consultation with residents, an in-depth due diligence process led by independent advisors, and a strong business case.

A total of 1,098 residents for Poplar HARCA and THCH responded to a survey on the proposed merger, with 74% of Poplar HARCA and 62% of THCH respondents expressing positive or neutral sentiment.  In addition, THCH addressed concerns from some of its residents who submitted separate petitions.

Headline summary: resident consultation results

Poplar HARCA results
Positive Neutral Negative Total resident surveys % of total residents
60% 14% 26% 786 8%

 

THCH results
Positive Neutral Negative Total resident surveys % of total residents
48% 13% 38% 312 10%

 

Steve Stride, Chief Executive for Poplar HARCA, said:

‘We’ll continue to talk with residents to understand their priorities and concerns and deliver on what they tell us.  Having gone through a rigorous process to understand each other’s organisations, we’re sure the merger will unlock opportunities for us to do more for more Tower Hamlets residents.’

Anita Khan, Chief Executive for Tower Hamlets Community Housing, said:

‘Over the last few months, we’ve focused on confirming Poplar HARCA as the best fit for THCH. Our Board recognises the benefits and financial security that this partnership offers in achieving our shared goals. Both organisations have worked to ensure that a merger will not only improve services for residents, but also enable more investment into homes and community initiatives.’

THCH will transfer its homes and buildings into Poplar HARCA. Poplar HARCA's Chair and Board will continue to lead post-merger; and its Chief Executive, Steve Stride, will continue as CEO.  Anita Khan will be Deputy CEO.

Resident merger consultation results and updated FAQs

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