Housing group secures £25m funding deal

A typical Rooftop development

A Midlands housing group is planning to build hundreds of new properties after securing a £25m funding deal.

Rooftop Housing Group (RHG), which provides more than 6,500 social housing units in Worcestershire and Gloucestershire, has been backed in its expansion plans by Lloyds Bank Commercial Banking.

The group is currently building homes in Pershore, Broadway, Gloucester and Minsterworth, helping to directly tackling local housing need.

The new tranche of funding brings Rooftop’s total funding this year to £50m, which is helping add surety to its five-year plan.

The strategy includes plans for 499 social and affordable rented homes, 201 shared ownership sales, 53 market sales, seven gypsy and traveller pitches and one commercial unit.

Caroline Dykes, Rooftop’s Finance Director, said: “Rooftop has seen a period of expansion with 11 new developments in the last year.

“The new funding will help us increase our units by 12% in the next five years, to better facilitate the housing needs across Worcestershire and Gloucestershire, so we look forward to seeing these develop.”

Jatinder Dhaliwal, Commercial Relationship Director at Lloyds Banking Group, said: “Rooftop has strong ambitions to expand its provision of social housing across the West Midlands.

“Looking ahead, the additional funding will enable Rooftop to further accelerate growth over its five-year plan.”

RHG comprises Rooftop Housing Association, Rooftop Homes – which specialises in providing accommodation for NHS Trusts, private residential and private garages, and Rooftop Support & Care, a voluntary organisation that works across Gloucestershire and Worcestershire to house and support young people between the ages of 16 and 25 and older people aged 55+.

The group is also founder partner of The Matrix Housing Partnership, which comprises several of the region’s leading housing associations including Accord, Ashram, Caldmore, Trent & Dove and Trident.

Combined, Matrix manages 23,000 homes across the Midlands and enables the partner organisations to benefit from economies of scale, joint working and the sharing of Best Practice.

Matrix, which was formed in 2004, also provides development services to others and has its own in-house design team. Together the Matrix partners employ 1,600 people, with assets of more than £1bn and a combined turnover of £100m.

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