Selwood Housing Group is a large social enterprise. The core purpose of Selwood Housing is to provide housing to people in need. Around this core purpose they provide other services and invest in enterprises and initiatives which will help improve their tenants' homes and the communities that they live in. Selwood Housing Group were established in 1989 as West Wiltshire Housing Society and became Selwood Housing in 2008. Their tenants and other customers have always (according to them) been at the heart of everything they do. Selwood Housing Group is formed of 4 organisations. Selwood Housing is a not-for-profit housing association with over 6,500 homes available for renting at affordable prices in the South West. They offer shared ownership, help to buy and other schemes to provide a variety of homes for people living in our communities. They are Wiltshire’s largest landlord of care homes for people with physical disabilities, mental ill health and learning difficulties. Selwood Devco is a construction company which will contract with builders and consultants. Cottsbury Homes has been set up to develop and sell residential properties at market value. All profit made from these properties will be reinvested into providing affordable social housing.
RSH Narrative Regulatory Judgement
Provider: Selwood Housing Society Limited
Regulatory code: LH4097
Publication date: 15 November 2022
Governance grade: G1
Viability grade: V2
Reason for publication: Viability regrade
Regulatory route: Stability Check and Reactive Engagement
Regulatory judgement
This judgement regrades our previous published judgement of Selwood Housing Society Limited’s viability grade from V1 to V2 and confirms its existing G1 grade.
The regulator has assurance that Selwood Housing Society Limited (Selwood) is compliant with the financial viability elements of the Governance and Viability Standard and that its financial plans are consistent with, and support, its financial strategy. Selwood has an adequately funded business plan, sufficient security, and is forecast to continue to meet its financial covenants.
Selwood is increasing planned investment in its existing homes, including fire safety and energy efficiency work. It is also undertaking a business transformation programme, which is intended to achieve future operational and financial efficiencies. These additional costs, together with higher inflation and interest rate pressures in the current economic environment, weaken Selwood’s interest cover position and its capacity to manage adverse events.
The regulator’s assessment of Selwood’s compliance with the governance elements of the Governance and Financial Viability Standard remains unchanged. On the basis of the Stability Check, the regulator has concluded that there is no evidence to indicate a change to Selwood’s current governance grading.
An IDA is programmed to take place between January and March 2023
Housing Ombudsman