South Yorkshire Housing Association (SYHA) is discussing becoming a subsidiary of Places for People (PfP), one of the UK’s largest housing providers. The potential merger follows SYHA’s non-compliance with the Regulator of Social Housing’s (RSH) governance and financial viability standards.
In June 2023, RSH downgraded SYHA to ‘G3’ for governance and ‘V3’ for viability after identifying financial governance weaknesses, including miscalculations of loan covenant compliance. The regulator noted that SYHA has “limited financial capacity” in the short to medium term and is working with external advisors to secure its long-term stability.
Under the proposed deal, PfP, which manages 245,000 homes and generates £830 million in annual turnover, would integrate SYHA’s 5,000-home portfolio. If completed, the merger would provide financial stability for SYHA while expanding PfP’s presence in South Yorkshire.
SYHA CEO Larry Gold said the partnership would help sustain the organisation’s 50-year legacy and benefit customers, employees, and the wider Sheffield City Region. PfP Group CEO Greg Reed highlighted the strategic alignment, stating that combining resources would strengthen their ability to support communities in the region.
