GreenSquareAccord’s chief financial officer set to join Abri

The chief financial officer at GreenSquareAccord (GSA) will leave her role at the 26,000-home housing association in December.

Jo Makinson, who has been in her role at GSA since January 2022, will join 50,000-home housing association Abri in January in a newly-created role as a chief investment officer. 

GSA said in a directorate change update that “recruitment is already underway for an interim CFO with recruitment to the permanent role to follow”.

Before joining GSA, Makinson was director of finance and transformation at St Monica Trust, an older people’s housing provider based across Bristol and North Somerset. 

Earlier this month, GSA reported an annual surplus for the first time since it was formed through a merger of Green Square Group and Accord Housing in April 2021.

The association posted a surplus of £3.9m in 2023/24. This compares to a deficit of £28.6m in 2022/23 and £19.3m the year before. 

In February, Moody’s downgraded the group’s credit rating from A3 Negative to Baa1 stable, which signifies moderate credit risk. GSA’s outlook remains stable.

Moody’s recognised GSA’s proactive risk management, but cited several factors contributing to the downgrade. The areas of weaknesses included tight covenant headroom, debt levels and the delivery risk associated with the accelerated sales of assets as part of the group’s forward plan.

>> See also: Ombudsman urges GreenSquareAccord to make further improvements to complaint handling

>> See also: GreenSquareAccord posts surplus for first time since merger

Ruth Cooke, chief executive of GSA, said: “I would like to take this opportunity, on behalf of all at GSA, to wish Jo the very best in her new role at fellow housing association Abri.

“Jo has made a massive contribution to GSA in the time she’s been with us as shown in our financial statements for 2023/24. 

“Jo will remain in post until December, and we will shortly commence the recruitment process for a new chief financial officer”.