Housing associations First Wessex and Sentinel have announced their merger will complete on April 24 to form a new company called VIVID.
VIVID will become Hampshire’s largest provider of affordable homes and has ambitious plans to build at least 1,200 new homes a year across all tenures.
With around 70,000 customers, 30,000 homes and 1,000 staff, VIVID will have its own construction arm called VIVID Build and a repairs team. Peter Walters, who was chief executive of First Wessex will become chief executive of VIVID for a transitional period, after which Sentinel’s chief executive Mark Perry will take on the position.
Walters said: “We’re delighted to reach this stage and are looking forward to further strengthening what we can achieve to deliver more affordable homes. Our ambition is to maximise opportunities to make more housing available and affordable to everyone.”
Perry said: “Thank you to everyone who’s supported us in our journey. Hampshire and the surrounding regions are in desperate need of more affordable homes and VIVID will play a significant contribution to help address this.”