Investor Relations

Wayne Morris named as Chair Designate at Radian Group

We are pleased to announce the appointment of Wayne Morris as our Chair Designate.

Nationally recognised in the housing sector, Wayne has spent 30 years working at Chief Executive level within major housing providers across the south of England. Wayne has held several notable non-executive directorships and joined our new Board in 2019, having previously held the role of Vice-Chair of the Yarlington Board and Senior Independent Director.

Wayne also currently chairs Radian Group’s Development and Assets Oversight Committee (DAOC) and plays a lead role in helping to frame the debate about delivery of our multi-tenure development programme and investment plans for existing assets.

Wayne will assume the Chair in September and succeeds our current Chair, Lindy Morgan, who shortly completes her tenure with Radian Group.
Commenting on his appointment, Wayne said: “I passionately support the work of housing providers and I’m excited to help shape the future of Radian Group and the lives of our customers and communities.

“I believe housing providers play a critical role in building diverse communities in which people’s need for an affordable home sits alongside good access to employment, opportunities for leisure, education, physical and mental health care. I’m looking forward to championing our organisation’s values and ensuring we continue to build thriving communities and valued partnerships”

Lindy Morgan said: “We are delighted to welcome Wayne as our Chair Designate. His wealth of sector knowledge and experience means he is perfectly placed to help guide the delivery of our strategy, plans and ambitions. I’ve thoroughly enjoyed my time as Interim Chair and I leave the Board in very capable hands, knowing that Wayne will bring the same energy and commitment to the position.”

Radian Group sells £35.5m of retained bonds

We are delighted to announce the successful sale of £35.5m retained bonds to replace surplus liquidity utilised in the recent stock acquisition from another RP.

Vimal Gaglani, Director of Treasury and Financial Planning said;

“Achieving these bond sales will have a positive impact especially given our intention to invest in local communities, build more homes and increase homeownership. The bonds were sold at a low rate in a volatile market, further enhancing their value to the group.

“Increasing our liquidity is essential if we are to remain agile & flexible and strengthen our position as a housing provider”

Maria Goroh, Director at Centrus, who acted as an adviser to Radian Group added;

“This successful transaction was a good example of reacting to market conditions and investor appetite. It supports Radian in their investment strategy following the partnership with Yarlington in November last year.”

Radian and Yarlington confirm new partnership

The Boards of Radian and Yarlington Housing Group announced today (Monday 4 November) that they are formally entering into a partnership to form a new organisation, Radian Group.

The new organisation will manage 39,530 homes and assets, serving 79,000 customers across 36 local authorities in the south and south west of England. Our combined size and expertise will allow us to contribute to a wide variety of new projects as an ambitious and well-resourced partner.

The priorities of the new organisation will be to deliver on both scale and quality. As a larger housing organisation, we have an ambitious target to deliver over 10,000 homes by 2030, providing more quality homes across the south and south west.

The new partnership will allow us to invest more in the communities in which we work, for example contributing additional resources to homelessness prevention and rolling out new digital services for our customers. We will also extend our employment support service Inspired2Achieve across our entire area of operation.

The decision for Radian and Yarlington to partner follows an extensive period of consultation between the two organisations. We are delighted that by working together we will be able to achieve more for our customers and people who need our services.

For more information contact Vimal Gaglani, Director of Treasury and Financial Planning, via email to vimal.gaglani@radian.co.uk

Related documents

Our Guiding Principles

The Guiding Principles document has been prepared by the Board and the Executive team to set out a clear position for the organisation during the Covid-19 pandemic.

For more information contact Vimal Gaglani, Director of Treasury and Financial Planning, via email to vimal.gaglani@radian.co.uk

The Regulator of Social Housing

The Regulator of Social Housing assessed us as G1 for governance and V1 for financial viability.

Radian Group secures a revolving credit facility

We are pleased to share news that have secured a £40 million revolving credit facility by our existing lender, NatWest, in Windsor.

The facility is for a period of ten years, rather than the usual five, which will support us in achieving the aspirations of our organisation including investing heavily in the communities we develop, whilst remaining flexible and agile.

“Since partnering with Yarlington Housing Group in 2019 we have grown in scale and scope. We know that, together, we can deliver more homes and invest more in our communities. The financial work behind that remains integral. Our on-going relationship with NatWest and other funders will allow us to maintain flexibility as a housing provider and ensure we continue to deliver the best possible service to those in need.

“The revolving credit facility supports us to fulfil the aims of our Interim Corporate Strategy, which includes maximising our assets to match our scale as one of the largest housing providers in the south of England. We have also committed to partnering with many different businesses to ensure the work we do is achieved alongside other sector-leading organisations and are proud to be working closely with NatWest as part of this.” – Vimal Gaglani, Director of Treasury & Financial Planning

Moving forward we will continue to utilise our financial strength to do more across the south of England.

Moody’s Credit Rating

On Tuesday 22 October and in anticipation of a proposed partnership with Yarlington, Moody’s confirmed Radian’s credit rating remaining unchanged at A3 stable. Yarlington’s credit rating has also be retained at A3 stable.

In their review Moody’s highlighted our strong operating performance and exceptional liquidity position, which we consider has us well placed to fulfill the aspirations of the combined group.

Contact

For further information or queries, please contact Vimal Gaglani, Director of Treasury and Financial Planning, Radian Group Limited via email to vimal.gaglani@radian.co.uk

Further information

Prospectuses for secured bonds can be downloaded below:

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