Decision

Current regulatory judgement: Plus Dane Housing Limited (14 December 2022)

Updated 14 December 2022

Applies to England

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RSH Narrative Regulatory Judgement

  • Provider: Plus Dane Housing Limited

  • Regulatory code: L4556

  • Publication date: 14 December 2022

  • Governance grade: G1

  • Viability grade: V2

  • Reason for publication: Viability regrade

  • Regulatory route: Stability Check and Reactive Engagement

Regulatory judgement

This judgement regrades our assessment of Plus Dane Housing Limited’s financial viability from V1 to V2 and confirms its existing G1 grade for governance.

The regulator has assurance that Plus Dane Housing Limited (Plus Dane) complies with the financial viability elements of the Governance and Financial Viability Standard and that its financial plans are consistent with, and support, its financial strategy. Plus Dane has an adequately funded business plan, sufficient security, and is forecast to continue to meet its financial covenants.

Plus Dane is increasing investment in its existing homes. This planned investment is based on analysis of stock condition information, completion of backlog works due to the Covid pandemic, and takes account of cost inflation increases to maintenance and major repairs. Delivering this investment, coupled with the current economic uncertainty in relation to wider inflation and interest rates, reduces Plus Dane’s capacity to respond to adverse events.

The regulator’s assessment of Plus Dane’s compliance with the governance elements of the Governance and Financial Viability Standard remains unchanged. On the basis of the Stability Check, the regulator has concluded that there is no evidence to indicate a change to Plus Dane’s current governance grading.

Other providers included in the judgement

None

About the provider

Origins

Plus Dane is a charitable community benefit society that was formed in 2008 with the merger of Plus Housing Group and The Dane Housing Group.

Registered Entities

Plus Dane is the only registered entity in the group.

Unregistered Entities

There is one unregistered entity, Dane Partnership Homes Limited, which is not currently trading.

Geographic Spread and Scale

Plus Dane owns and manages around 13,500 homes, with the majority located in Merseyside and Cheshire.

Staffing and Turnover

Plus Dane employs the full-time equivalent of 555 staff. Its turnover for the year ended 31 March 2022 was £77.8m.

Development

Plus Dane intends to deliver around 1,250 units between 2022 and 2026. Its programme includes homes for affordable rent and low cost home ownership.

About our judgements

Key to Grades

Governance:

Compliant
G1 The provider meets our governance requirements.
G2 The provider meets our governance requirements but needs to improve some aspects of its governance arrangements to support continued compliance.
Non-compliant
G3 The provider does not meet our governance requirements. There are issues of serious regulatory concern and in agreement with us the provider is working to improve its position.
G4 The provider does not meet our governance requirements. There are issues of serious regulatory concern, and the provider is subject to regulatory intervention or enforcement action.

Viability:

Compliant
V1 The provider meets our viability requirements and has the financial capacity to deal with a wide range of adverse scenarios.
V2 The provider 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.
Non-compliant
V3 The provider does not meet our viability requirements. There are issues of serious regulatory concern and, in agreement with us, the provider is working to improve its position.
V4 The provider does not meet our viability requirements. There are issues of serious regulatory concern, and the provider is subject to regulatory intervention or enforcement action.

Definitions of Regulatory Routes

In Depth Assessment (IDA): An IDA is a bespoke assessment of a provider’s viability and governance, including its approach to value for money. It involves on-site work and considers in detail a provider’s ability to meet its financial obligations and the effectiveness of its governance structures and processes.

Stability Checks: Based primarily on information supplied through regulatory returns, a Stability Check is an annual review of a provider’s financial position and its latest business plan. The review is focused on determining if there is evidence to indicate a provider’s current judgements merit reconsideration.

Reactive Engagement: Reactive engagement is unplanned work which is triggered by new information or a developing situation which may have implications for a provider’s current regulatory judgement.

Stability Checks and Reactive Engagement: In some cases, we will publish narrative regulatory judgements which combine evidence gained from both Stability Checks and Reactive Engagement.

For further details about these processes, please see Regulating the Standards.

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