RSH publishes regulatory notice for Rosewood Housing Limited
Rosewood Housing Limited is non-compliant with RSH's governance and financial viability standard.
In a regulatory notice published today (27 November 2023), the Regulator of Social Housing has concluded that Rosewood Housing Limited (Rosewood) is non-compliant with the governance and financial viability standard.
Following a self-referral, RSH investigated Rosewood and found significant issues with its financial viability and governance arrangements.
Rosewood, a for-profit provider, is a subsidiary of Inland Homes plc which has entered into administration. As a result, Rosewood is only currently able to operate with the support of the administrators.
RSH currently lacks assurance that Rosewood can remain financially viable. It has concluded that Rosewood has not managed its affairs with an appropriate level of skill, independence, diligence, effectiveness, prudence and foresight.
RSH continues to engage intensively with Rosewood. The provider has started to address these issues and is in discussions with administrators to protect its viability in the longer term.
Harold Brown, Senior Assistant Director for Investigations and Enforcement, said:
As a result of unregistered elements in the group becoming insolvent, Rosewood’s social housing is potentially at risk of being lost to the sector. This is a serious failing and urgent action is required to ensure the continued operation of Rosewood, and that tenants’ homes are protected. We will consider using further powers if required.
Notes to editors
- Based on the most recent Statistical Data Return (SDR), Rosewood had fewer than 1,000 units and is classed as a small provider. RSH does not publish regulatory judgements for providers that fall into this category. Instead, in the interests of transparency, it publishes a Regulatory Notice where it has evidence that a small registered provider is not meeting the regulatory standards. This notice is published under those arrangements.
- RSH placed Rosewood on its gradings under review list on 8 September 2023 to indicate that it was investigating the provider.
- More information about how RSH regulates is available in regulating the standards.
- RSH promotes a viable, efficient and well-governed social housing sector able to deliver and maintain homes of appropriate quality that meet a range of needs. It does this by undertaking robust economic regulation focusing on governance, financial viability and value for money that maintains lender confidence and protects the taxpayer. It also sets consumer standards and may take action if these standards are breached. RSH’s remit on consumer issues is expanding and from April 2024 and it will begin carrying out regulatory inspections of social landlords.
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