THCH will now be known as “THCH Powered by Hyde”.
Social landlord Tower Hamlets Community Housing (THCH) has today become a subsidiary of 120,000-home housing provider Hyde Group as it seeks to regain regulatory compliance.
THCH, which manages 3,500 homes, has rebranded as THCH Powered by Hyde. The merge’s legal completion marks the end of the first phase of THCH’s integration into Hyde.
>>See also: Hyde enters merger talks with non-compliant Tower Hamlets Community Housing
>>See also: Poplar HARCA and Tower Hamlets Community Housing ditch merger talks
In March 2024, THCH received non-compliant ’G3’ and ‘V3’ ratings for governance and viability from the Regulator of Social Housing (RSH).
It was found to have breached the governance and financial viability standard. RSH said it “lacks assurance that THCH has a robust planning, risk and control framework” and that the board had failed to demonstrate it has appropriate mitigation strategies in place to ensure its long-term viability.
RSH also said THCH has a “weak financial position”, did not budget properly for building safety costs and is unable to meet the costs of its day-to-day operating activities from its rental income.
Andy Hulme, chief executive at the Hyde Group said: “With Hyde’s strong foundations and expertise, the partnership aims to deliver safe and decent homes, great services, strong communities, and a real voice for customers.
“By maintaining local roots and connections with the community and combining this with new investment in homes and improved customer services, including a new dedicated in-house repairs service, we’ll create places people can be proud of.”
David Russell, board chair at THCH said: “Over the past few years, THCH has been through real transformation – we’ve improved our services, strengthened building safety, and built a more positive internal culture. We’ve made great progress, and we’re pleased to have found the right partner to build on this work.
“Joining the Hyde Group is a major milestone. It gives us the resources, investment, and expertise to do even more for our customers, while staying true to the community-focused values that make THCH special.”
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