Decision

Bolton at Home Limited (4568) - Regulatory Judgement: 26 February 2025

Updated 26 February 2025

Applies to England

Our Judgement

	Grade/Judgement	Change	Date of assessment
Consumer	C2 Our judgement is that there are some weaknesses in the landlord delivering the outcomes of the consumer standards and improvement is needed.	Based on previous assessment	September 2024
Governance	G2 Our judgement is that the landlord meets our governance requirements but needs to improve some aspects of its governance arrangements to support continued compliance.	Assessed and unchanged	February 2025
Viability	V2 Our judgement is that the landlord meets our viability requirements. It has the financial capacity to deal with a reasonable range of adverse scenarios but needs to manage material risks to ensure continued compliance.	Assessed and unchanged	February 2025

Reason for publication

We are publishing a regulatory judgement for Bolton at Home Limited (Bolton at Home) following a stability check and responsive engagement completed in February 2025.

This regulatory judgement confirms a consumer grading of C2, a governance grading of G2 and a financial viability grading of V2.

The stability check and responsive engagement used information from the landlord’s regulatory returns and we reviewed a range of documents provided by Bolton at Home to help us form a judgement about how well the landlord is delivering the outcomes of our Governance and Financial Viability Standard. 

We have not reassessed Bolton at Home’s consumer grade as part of the stability check and responsive engagement.

Summary of the decision

Our judgement is that Bolton at Home meets our governance requirements but needs to improve some aspects of its governance arrangements to support continued compliance. Specifically, we observed weaknesses in financial planning, board oversight and in the effectiveness of risk management processes. Based on this assessment we have concluded a G2 grade for Bolton at Home.

Our judgement is that Bolton at Home meets our financial viability requirements, has access to sufficient liquidity and continues to forecast funder covenant compliance with reasonable headroom. Bolton at Home is continuing to invest in its tenants’ homes, and as a result its financial performance is weakened, reducing its capacity to respond to adverse scenarios. In the short term, the business plan relies on significant asset sales and efficiency savings to continue to meet funders’ covenants. Based on this assessment, we have concluded a V2 grade for Bolton at Home.

Prior to this regulatory judgement, the landlord’s most recent governance and financial viability grades were G2 and V2 following an inspection in September 2024, that also confirmed a C2 consumer grading.

How we reached our judgement

We published a regulatory judgement in September 2024 following an inspection of Bolton at Home to assess how well it is delivering the outcomes of the consumer standards and meeting our governance and financial viability requirements, as part of our planned regulatory inspection programme. Through the inspection, we considered all four of the consumer standards: Neighbourhood and Community Standard, Safety and Quality Standard, Tenancy Standard, and the Transparency, Influence and Accountability Standard.

During the inspection we observed a board meeting and a customer scrutiny panel, spoke to tenants, held meetings with Bolton at Home including with its non-executive directors, and reviewed a wide range of documents provided by Bolton at Home.

We subsequently carried out a stability check review to assess whether there are any material risks that may result in a change to Bolton at Home’s financial viability grading, as part of our annual stability check programme. We also carried out responsive engagement that focused on Bolton at Home’s governance grading following a self-referral from the landlord in October 2024. The stability check review and responsive engagement were completed in February 2025.

Our regulatory judgement is based on all the relevant information we obtained during the inspection and responsive engagement process, including the self-referral. We also considered information supplied by Bolton at Home in its regulatory returns and other regulatory engagement activity.

Summary of findings 

Consumer – C2 – September 2024 

During the inspection Bolton at Home provided evidence-based assurance that it has a good understanding of the current condition of its homes through a range of processes including stock condition surveys, damp, mould and condensation work, home safety inspections, checking and repairing empty homes before they are let to new tenants and responsive repairs surveys. There is a comprehensive level of information, including on compliance with legal and regulatory requirements, based on physical surveys of individual homes.

The inspection identified weaknesses in the provision of an effective, efficient and timely repairs and maintenance service. Although Bolton at Home has identified and started to implement changes to improve performance, there is still more work to do to ensure routine repairs are completed to agreed timescales. Bolton at Home is also having to manage an ongoing significant number of damp and mould cases and needs to improve its performance reporting on this, and repairs more widely, so that the board can have effective oversight and provide appropriate challenge. 

Bolton at Home demonstrated a good understanding of its compliance with landlord health and safety requirements with a high level of reported compliance with legal obligations. Bolton at Home is managing the risks posed by the type of homes and buildings it has through its fire risk assessment programme and addressing any actions coming out of those. Bolton at Home’s board has been proactive in seeking additional information on performance in this area to strengthen reporting to improve its oversight, including on fire risk assessment remedial actions. 

In relation to the Neighbourhood and Community Standard, we gained assurance that Bolton at Home works in partnership with relevant organisations to deter and manage anti-social behaviour and hate incidents in the neighbourhoods that it provides social housing. Bolton at Home undertakes analysis of anti-social behaviour and hate crime incidents and is currently improving its reporting to its board on this.

Bolton at Home has demonstrated that, in relation to the Tenancy Standard, it seeks to offer tenures that are appropriate for the homes it lets, taking into account the purpose of the accommodation, the needs of individual households, the sustainability of the community and the efficient use of social housing.  

In relation to the Transparency, Influence and Accountability Standard, we gained assurance that Bolton at Home takes tenants’ views into account in decision-making about how services are delivered and communicates how tenants’ views have been considered. Bolton at Home has set up a variety of opportunities for its tenants to engage with it and influence decisions that impact upon them, including the customer scrutiny panel and resident voices channel.

We have assurance that Bolton at Home treats its tenants and prospective tenants with fairness and respect, addresses complaints fairly, effectively and promptly, and delivers fair and equitable outcomes for tenants.

Governance – G2 – February 2025

Based on relevant information and evidence gained from the responsive engagement and stability check, there is assurance that Bolton at Home’s governance arrangements meet the requirements of the Governance and Financial Viability Standard.

We began our responsive engagement with Bolton at Home following a self-referral in October 2024. We found evidence through the inspection and subsequent responsive engagement that Bolton at Home’s risk and control framework is not always operating as documented, leading to significant delays in major projects not being communicated to the board on a timely basis.

Through our responsive engagement we concluded that these weaknesses in the risk and control framework resulted in a risk crystalising on lender covenant compliance following the completion of an intragroup transfer of engagements on 31 March 2024. Bolton at Home acted swiftly to mitigate this risk, carry out a lessons learned review with its board and are implementing changes as a result.

During the inspection, we saw evidence that there is regular and appropriate consideration of alternative options to deliver value for money and make best use of resources. Bolton at Home commissions periodic reviews of the performance of its commercial, organisational and delivery structures and is focused on how these contribute to delivery of its purpose and objectives. The board has proactively sought external assurance on governance and put in place a plan to implement recommendations. 

However, we found evidence through the inspection that improvement is needed in the board’s financial management and planning. Bolton at Home needs to develop a business plan that is more sustainable and resilient. The board needs to consider how its strategic financial planning and delivery of strategic objectives aligns with Bolton at Home’s capacity and risk appetite.

We have identified weaknesses in reporting to the board, with insufficient information to allow effective oversight of improvement to tenant services. Bolton at Home recognises these issues and has already started taking steps to improve reporting.

Viability – V2 – February 2025

Based on the relevant information and evidence gained through the responsive engagement and stability check, we have concluded that there is appropriate assurance that Bolton at Home’s financial plan is consistent with, and supports, its financial strategy. Bolton at Home has an adequately funded business plan, with access to sufficient liquidity and security.

Bolton at Home is continuing to invest in its tenants’ homes, and as a result, Bolton at Home’s financial performance is weak, with covenant compliance heavily reliant on delivering efficiency savings over the first three years, and a significantly increased asset sales programme. Bolton at Home continues with high levels of investment in existing homes alongside the development of new homes. This will mean that Bolton at Home has the capacity to respond to a reasonable range of adverse scenarios, but it will need to manage these material risks.

Background to the judgement

About the landlord

Bolton at Home is a Community Benefit Society. It was formed in 2011 to take a transfer of homes owned by Bolton Council.

The group’s core focus is the delivery of social housing, mainly for general needs, supported housing and housing for older people. It also owns and develops homes for affordable rent, market sale and shared ownership.

Bolton at Home is the parent and stockholding entity within the group.

Bolton at Home has four unregistered entities:

• Starts with You Limited is a social enterprise company and provides a range of employment and community support services;
• R-Haus Living Limited is a private company limited by shares providing homes at market rents;
• Maxmedia Communications Limited is a private company limited by shares and provides marketing and communication services to the social housing sector; and
• Stonecross Homes Limited provides homes for rent, sale and shared ownership.

The group owns and manages around 18,980 social housing homes. It operates in 16 local authority areas but primarily in the North West. At 31 March 2024, Bolton at Home employed 1,035 full-time equivalent staff and generated a group turnover of £108.4m. The group’s development strategy sets a target to deliver 886 new homes over the next five years.

Our role and regulatory approach

We regulate for a viable, efficient, and well governed social housing sector able to deliver quality homes and services for current and future tenants.

We regulate at the landlord level to drive improvement in how landlords operate. By landlord we mean a registered provider of social housing. These can either be local authorities, or private registered providers (other organisations registered with us such as non-profit housing associations, co-operatives, or profit-making organisations).

We set standards which state outcomes that landlords must deliver. The outcomes of our standards include both the required outcomes and specific expectations we set. Where we find there are significant failures in landlords which we consider to be material to the landlord’s delivery of those outcomes, we hold them to account. Ultimately this provides protection for tenants’ homes and services and achieves better outcomes for current and future tenants. It also contributes to a sustainable sector which can attract strong investment.

We have a different role for regulating local authorities than for other landlords. This is because we have a narrower role for local authorities and the Governance and Financial Viability Standard, and Value for Money Standard do not apply. Further detail on which standards apply to different landlords can be found on our standards page.

We assess the performance of landlords through inspections and by reviewing data that landlords are required to submit to us. In Depth Assessments (IDAs) were one of our previous assessment processes, which are now replaced by our new inspections programme from 1 April 2024. We also respond where there is an issue or a potential issue that may be material to a landlord’s delivery of the outcomes of our standards. We publish regulatory judgements that describe our view of landlords’ performance with our standards. We also publish grades for landlords with more than 1,000 social housing homes.

The Housing Ombudsman deals with individual complaints. When individual complaints are referred to us, we investigate if we consider that the issue may be material to a landlord’s delivery of the outcomes of our standards.

For more information about our approach to regulation, please see Regulating the standards.

Further information

• Regulating the standards

• Regulatory standards for landlords