The Regulator of Social Housing (RSH) has published a Regulatory Notice for Brent Community Housing Limited (BCH), a small provider based in London. BCH owns and manages 19 units of social housing, mainly acquired through entering into lease arrangements. As BCH owns less than 1,000 homes it does not currently have a published Regulatory Judgement (RJ).
The RSH has found BCH to be non-compliant with its Governance and Financial Viability Standard. Key aspects of the RSH’s findings are that BCH has:
- Failed to submit its annual accounts to the RSH
- Operated with a lack of Board oversight
- Not had appropriate probity arrangements in place and
- Is unable to account for a material sum of money.
BCH is no longer able to meet the commitments under its leases as they fall due and is in severe financial difficulties. Consequently BCH applied to the court for a voluntary winding up of the organisation, which has triggered the RSH’s insolvency processes.
All of the RJs, RNs and GUR listings published by the RSH can be viewed on the RSH’s website here.