A social housing provider has secured £55m to invest in Rochdale regeneration projects. Rochdale Boroughwide Housing (RBH) has been on a funding freeze from the government ever since it was hit with a regulatory notice in December 2022.
A social housing provider has secured £55m to invest in Rochdale regeneration projects. Rochdale Boroughwide Housing (RBH) has been on a funding freeze from the government ever since it was hit with a regulatory notice in December 2022.
Last year a government regulator found RBH made improvements and upgraded standards. This came in the wake of an inquest into the tragic death of toddler Awaab Ishak, who died in 2020 due to mould exposure in an RBH flat on the Freehold estate.
The Regulator of Social Housing credited RBH with undertaking a thorough and detailed review of its systems and processes to understand and learn from Awaab’s death.
This £55m is the first significant funding package RBH has received since coming out of special measures. The cash will be spent on the delivery of new homes across Rochdale and continuing to make improvements on RBH’s vast housing stock.
RBH owns and operates more than 12,000 homes, including the Seven Sisters tower blocks as well as the Lower Falinge and Freehold estates. They have been investing in bringing their homes up to standard in recent years.
The largest social housing provider in Rochdale saw its governance grading improve from G3 to G2 last year. On the scale, G4 is the worst, while G1 is outstanding.
RBH described their rebuild as ‘one of the most complex recoveries in the housing sector’ but wants to commit to ensure customers’ homes remain safe, sustainable, and fit for the long term.
Amanda Newton, chief executive at Rochdale Boroughwide Housing, said: “Securing this funding package is a real vote of confidence in RBH and in our future.
“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.
“We are also incredibly proud to have the support of our existing funders and to welcome Principality into the English social housing sector for the first time. This package gives us the stability and flexibility we need to build a better future together.”
RBH’s treasury activity involved all of its current funders, alongside the addition of Principality as a new funder. Their £20m loan represents the very first time that the company, based in Cardiff, has invested in the English social housing sector.
Representatives from Principality visited RBH representatives this week to discuss the new funding package in more depth and visit sites across the borough.
Kevin Brady, chair of the board at RBH, added: “We are delighted to be partnering with Principality. This funding package demonstrates confidence in RBH’s future and the strength of its partnerships.
“It also supports the financial foundation to enable us to continue investing in customers’ homes, while addressing regeneration priorities that will deliver new housing and community benefits across the borough of Rochdale.”
The full funding package includes a £25m new term loan with a five-year maturity and the option of two additional years with Santander UK, as well as the extension of a £10m revolving credit facility to a five-year maturity.
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