Family Mosaic will merge with housing association Peabody.
The new single housing association will be called Peabody as this has a deep legacy and brand value, though the Family Mosaic name may remain for a while.
On completion of the merger, the combined organisation will provide 55,000 homes to residents across London and the South East.
Tenancy or lease agreements will not change as a result of the merger.
Peabody has over 29,000 homes across London and also offers additional support services as well as an extensive range of community programmes. Family Mosaic have around 26,000 homes for rent in London and the South East. We also provide services to around 8,000 people who need extra support.
The boards of Family Mosaic and Peabody both believe that a merger will enable the two organisations to make improvements and add more services, providing better value for money to residents and other stakeholders.
The larger group will also have better resources to build more homes and provide local community services, including helping more people into work through training, apprenticeships and volunteering.
Brendan Sarsfield, Chief Executive of Family Mosaic, will become the Chief Executive of the combined organisation while Ian Peters, Chair of Family Mosaic, will take up the post of Vice Chair. Peabody’s Chair, Lord Kerslake, will become Chair of the group. Peabody’s Chief Executive, Stephen Howlett, had already decided that now is the appropriate time to retire after completing 42 years in the housing association world.
In a joint statement, Lord Kerslake and Ian Peters said:
"The new group will build on the track record, capabilities and shared values of Peabody and Family Mosaic to create a truly distinctive organisation. Our combined scale and London focus will enable us to do more together than we could achieve alone."
The formal merger is expected to complete around July 2017.