The Corporation placed St Matthew Housing under supervision in October 2007 because of concerns about its governance and viability. The Corporation used its statutory power to make three appointments to the board of the company.
In response to the concerns raised, St Matthew's board undertook a review of its strategy for the future of the company and concluded that its residents would best be served if it entered into a partnership with a larger, financially strong, social housing provider. As a result it agreed to join the Genesis Housing Group as a subsidiary of Springboard Housing Association. The subsidiary arrangement has now taken effect and the statutory appointees are standing down from the board of St Matthew.
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Clare Miller, Director of Regulation said: "I am pleased that we have been able to work with St Matthew Housing to deliver the necessary actions to resolve our concerns. We believe that the partnership with Springboard will deliver further improvements in services to residents. We are grateful to the appointees for their contribution and the skill and commitment they demonstrated in working with St Matthew Housing to address the challenges it faced."
(CD/JM)
