Guinness completes takeover of troubled Shepherds Bush

A 5,000-home housing association found non-compliant with a regulatory standard last year is now a subsidiary of Guinness Partnership.

Shepherds Bush Housing Association has today officially joined Guinness following shareholder approval for a takeover in October.

4729 Guinness Silvertown 2

The move follows the Regulator of Social Housing in June 2022 finding SBHA non-compliant with the governance and financial viability standard.

In June 2022, the RSH published a report identifying weaknesses in SBHG’s risk management and internal control frameworks and business plan reporting.

>>See also: Guinness beats annual completions target as development bounces back

The report concluded it had failed to identify the potential crystallisation of financial risks in sufficient time. It was downgraded to a ‘G3’ score for governance, meaning it is no longer in compliance and needs to improve,

The RSH also identified concerns about fire safety reporting and compliance with the Decent Homes Standards and data quality.

Guinness built 814 homes in 2022/23 and said in the summer it is on track to meet its target of building 5,500 homes between 2018 and 2025. The £540m-turnover association has around 4,000 homes in its development pipeline.

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