Octavia and Abri move towards the completion of their partnership
We are pleased to announce that Octavia’s proposed partnership with Abri has this week been approved by Octavia shareholders. This follows last month’s approval of the final business case for the partnership by both the Octavia and Abri boards.
Octavia shareholders have voted in favour of a rule change that will allow Octavia to join the Abri group as a subsidiary. This follows a consultation with our residents who were positive about the partnership.
The decision paves the way for the formal partnership to commence once legal formalities are completed over the next few weeks.
The boards of both organisations agreed that by joining together, we would be a better, more resilient organisation with the necessary resources to invest fully in homes and provide a high standard of services to residents.
The shareholders recognised the potential of the combined organisation and the benefits it would bring, especially in terms of Octavia’s ability to improve the lives of people who live in our homes.
Octavia Board Chair Stephen Jack commented:
“Abri is a financially resilient housing association that respects our heritage and shares our values, as well as our commitment to the high level of services that we want to provide for our residents, and which we know they deserve. By joining the Abri Group, Octavia can look forward to being a stronger organisation, with the resources to build on our work of providing good quality homes and better lives for people living in London.”
Resident consultation
The final business case for the partnership was finalised through a due diligence process and was subject to a formal consultation with all Octavia’s residents.
Following resident consultation, 66 per cent said they were positive about Octavia joining the Abri group. Only 10 per cent said they were not in favour of the partnership, with the remaining 24 per cent not expressing a view either way. All the feedback from residents was taken into consideration by the Octavia board in reaching their decision to approve the final business case and we will be writing to all residents in the next few weeks setting out the results of the consultation and our response to it.
About Abri
Octavia has been in partnership talks with Abri since the summer of 2023, after the organisation was chosen as the preferred partner through a robust selection process.
Abri is a housing association based in the south of England, with homes in the counties of Berkshire, Dorset, Hampshire, Somerset, and Wiltshire. It has around 50,000 homes and various community assets and provides services to around 140,000 customers. It has an A3 credit rating and a G1/V1 rating for governance and financial viability from the Regulator of Social Housing.
Octavia, with just over 5,000 homes in central and west London, will join the Abri Group as a subsidiary of the Abri Group initially, before both organisations become one at a later date.