Landlords partner under Isos Housing Group
Two North East property landlords have become partners under the umbrella of the Isos Housing Group, leading to them managing 17,000 homes and employing around 550 staff between them.
Isos Housing and Cestria Community Housing, based in Newcastle and County Durham respectively, will now produce a combined turnover in excess of £70m.
The chief executives of the two landlords, Keith Loraine from Isos and Paul Fiddaman from Cestria, believe the move will deliver savings of around £6m over the first five years, and £2m every year after that.
Each landlord will operate independently on a day-to-day basis, but collaborate wherever possible.
Fiddaman, who becomes deputy chief executive of Isos Housing Group, said: "There is a natural fit between our two businesses, both in geography and in our values as organisations.
"Until now, the largest concentrations of Isos Group homes have been on Tyneside and in Northumberland. So adding the 4,500 homes owned and managed by Cestria to the group makes perfect sense, to expand the group’s reach further into County Durham.
"We are both organisations which take our roles as employers very seriously, and we share a strong commitment to our communities, beyond simply maintaining the bricks and mortar of our homes."
Loraine added: "We are working in a world where we need to make every pound of our income deliver tangible benefits for our residents, and for the communities we serve.
"By working together with Cestria, we can drive costs down at the same time as improving our services and building more homes for those in need."