Places for People Group has completed its merger of Derwent Housing Association, making Derwent a subsidiary of the larger housing association.

Derwent, which has 25,000 homes, has now become a subsidiary of the 150,000-home group, according to a brief stock market announcement to investors published on 21 December.

Inside Housing reminded us:

“In July last year, Derwent was given non-compliant ratings of V3 for viability and G3 for governance by the Homes and Communities Agency. The regulator was concerned about the association’s ability to manage its financial exposures, including mark-to-market liability on interest rate swaps.”