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Trowers & Hamlins advises on housing rescue deal

Trowers & Hamlins advises on housing rescue deal

Trowers & Hamlins is pleased to have advised long-standing client One Vision Housing on its amalgamation with Venture Housing Association, in a deal which saw Venture's 1,300 homes and 22 staff successfully transferred to One Vision on 30 January 2015.

Having experienced financial difficulties, Liverpool-based Venture Housing Association breached a covenant in a loan agreement, which left the registered provider at risk of defaulting on loans across its portfolio.  One Vision made a £1 million emergency cash injection into Venture in November 2014, which prevented Venture from making further lending agreement breaches.  Following the amalgamation, One Vision now owns 13,000 homes.

Trowers & Hamlins advised One Vision on all aspects of the amalgamation over the last few months, including due diligence, securing and providing emergency funding, financing terms, governance, securing regulatory approval from the HCA, and employment aspects such as TUPE and pensions. 

Mike Gaskell, Housing and Regeneration partner at Trowers & Hamlins who led on the matter, commented: "We are very pleased to have played our part in the further growth of One Vision and the rescue of Venture.  No lender has ever lost a penny lending to housing associations and the completion of this transaction preserves the enviable credit standing of the housing sector." 

Roy Williams, chief executive of One Vision Housing, added:  "We are pleased that this amalgamation has been finalised, and we look forward to developing relationships with our new tenants and stakeholders and making a significant contribution to the local communities.  Trowers & Hamlins has played a very big part in this deal and we are extremely grateful for their support, counsel and expertise on the matter." 

The Trowers & Hamlins team advising One Vision included Mike Gaskell, Banking and Finance partner Neil Waller, and employment senior associate Helen Cookson.