Investors

14 September 2023
Lincolnshire Housing Partnership (LHP) (a registered Housing Association) of which Boston Mayflower Finance PLC is a wholly owned subsidiary, has entered into discussions with Ongo Homes to form a business combination. Any agreement will be subject to detailed due diligence and the approval of boards of both organisations.

29 June 2023

Boston Mayflower Finance PLC, a wholly owned subsidiary of Lincolnshire Housing Partnership (a registered Housing Association), announces that two new Lincolnshire Housing Partnership board members were appointed on 1st April 2023.

Zoe Ollerearnshaw has been active in the social housing sector for more than 20 years; she currently chairs the National Housing Federation Governance Forum.

Susan Shehata has over 25 years of experience as a senior advisor in banking and equity investment in the infrastructure sector. With a focus on advisory, financing and strategy, she has extensive experience in complex and challenging projects and funding solutions.

22 June 2023

Boston Mayflower Finance PLC, a wholly owned subsidiary of Lincolnshire Housing Partnership (a registered Housing Association) announces that Alex Dixon, Executive Director of Property left the organisation on 13 June 2023. The Executive Director of Property is currently vacant. For the time being, our Assets Team, led by Danny Wyer, Corporate Head of Assets, will report to Kathryn Price, Executive Director of Finance; and our Repairs Team, led by Ade Southwick, Corporate Head of Repairs, will report to Mark Coupland, Executive Director of Customers.

For any queries, please contact communications@lincolnshirehp.com.

14 April 2023
LHP add £30m ESG-linked RCF funding to portfolio
Lincolnshire based housing association LHP, who owns and manages over 12,000 homes, has arranged a £30m 7-year RCF with Danske Bank. The facility also includes a 15-year term option, providing further flexibility.
The new facility, as well as maintaining LHP’s strong liquidity levels, supported the removal of restrictive covenants within LHP’s portfolio, further boosting LHP’s capacity and resilience. Both factors will ensure LHP remain in a strong position to continue to meet the needs of their customers by investing in their homes, local communities, and services.
The transaction, which completed in January 2023, sees Danske Bank provide a £30m ESG ready RCF. The ESG ready inclusion is a first for LHP and will align with LHP’s social purpose.
The 15-year term optionality will also provide LHP with increased flexibility, providing a source of competitively priced medium-term debt.
Centrus acted as sole advisor to LHP and arranged the RCF, delivering a solution that helps support LHP’s long-term business plan. Anthony Collins advised on the corporate and legal aspects including security.
Kathryn Price, Executive Director of Finance - LHP
“We are delighted with our new relationship with Danske. The new facility as well as helping maintain our strong levels of liquidity, has helped facilitate the removal of restrictive covenants. This leaves LHP in a significantly stronger position to deliver our planned investment strategy and deliver better homes for our customers”.
Terri McCullagh, Corporate Banking Manager - Danske Bank UK
“Danske Bank has been the lead bank provider of finance to the social housing sector in Northern Ireland for many years and we have been growing our presence in the sector in the rest of the UK. We are pleased to start 2023 with a significant transaction in England which will support the provision of much needed rental and shared ownership homes to people and communities in Lincolnshire.”
Tom Miller, Assistant Director – Centrus
“We are delighted to have supported LHP during the fund-raising process. The facility has helped to unlock increased capacity that will ensure LHP are able to maintain high levels of investment in their stock. Centrus has been at the forefront of developing the RP market for ESG-linked funding, where the ability to reduce borrowing costs offers tangible benefits.”

30 January 2023

Boston Mayflower Finance PLC, a wholly owned subsidiary of Lincolnshire Housing Partnership announces that, in line with NHF guidance, Lincolnshire Housing Partnership intend to adopt the voluntary rent cap for shared ownership tenants and plan to cap rent increases for these properties to 7% for the 23/24 financial year.

For further information or comments on either of these announcements, please contact: our Communications Team

30 January 2023

Boston Mayflower Finance PLC, a wholly owned subsidiary of Lincolnshire Housing Partnership (a registered Housing Association), announces an amendment to the registered address of Lincolnshire Housing Partnership will be effective from 1st April 2023. The new address is as follows;

Cartergate House, Chantry Lane, Grimsby, DN31 2LJ

23rd November 2022

Credit rating downgrade to A- (negative outlook)

LHP is choosing to invest over the next few years in supporting our customers and improving their homes. This is a choice our Board consciously made earlier this year to shape our new 5-year corporate strategy and feels even more appropriate now as our sector grapples with historic quality issues, damp and mould and poor energy efficiency. We are unapologetic about our investment strategy and will continue to ensure we run a viable, effective business that puts our customers first.

For further information, please contact: our Communications Team

20 September 2022

Boston Mayflower Finance PLC, a wholly owned subsidiary of Lincolnshire Housing Partnership (a registered Housing Association), announces that an amendment to the rules of Lincolnshire Housing Partnership has been registered with the FCA, to put into effect the following governance changes;

• Closed membership (where the only Shareholders are Board Members).

• Removal of the AGM requirement.

• Virtual meeting provisions; and

• Board Member terms of office amended to reflect the NHF Code of Governance 2020 ("2020 Code").

For further information, please contact: our Communications Team

15 September 2022

Lincolnshire Housing Partnership Limited Group Annual Report and Financial Statements for the year ended 31 March 2022 are now available at: https://www.lincolnshirehp.com/governance/#financial-statement

For further information, please contact: our Communications Team

06 September 2022

Boston Mayflower Finance PLC, a wholly owned subsidiary of Lincolnshire Housing Partnership (a registered Housing Association), announces that the current Executive Director of Strategy, Culture and Digital, Suzanne Wicks resigned on 29th July 2022.

The new Executive Director of Strategy, Culture and Digital for Lincolnshire Housing Partnership, Shaun Harley, has been appointed, starting on 5th September 2022.

Shaun joins LHP from Homes England where he was Director of Communications, leading on a variety of transformation, culture, and people projects.

For further information, please contact: our Communications Team

01 July 2022

Boston Mayflower Finance PLC, a wholly owned subsidiary of Lincolnshire Housing Partnership (a registered Housing Association), announces that the current Executive Director of Customers, Bridget Lloyd retired on 30th June 2022.

The new Executive Director of Customers for Lincolnshire Housing Partnership, Mark Coupland, has been appointed, starting on 1st July 2022.

Mark is the current Corporate Head of Customers at Lincolnshire Housing Partnership and has significant housing and leadership experience having held senior roles at Guinness Partnership, Acis, Northern Counties and Lincolnshire County Council. Mark will bring a strong sense of stability and consistency to the role having been with LHP for 4 years and being very much part of the development of the current vision for the Customer directorate.

For further information, please contact: our Communications Team

15 June 2022

Boston Mayflower Finance PLC, a wholly owned subsidiary of Lincolnshire Housing Partnership (a registered Housing Association), announces that two new Lincolnshire Housing Partnership board members were appointed on 1st June 2022.

Adrianne Boggins has 30 years’ experience in the social housing sector, specialising in housing management and customer engagement. Adrianne also holds an NED role for Castle & Coasts, a northern housing association.

Rhiannon Davies currently holds a role in housing policy and has worked in various housing teams including homelessness and project teams and has a strong focus on communities.

For further information, please contact: communications@lincolnshirehp.com

23rd November 2021

Credit rating downgrade to A (negative outlook)

A key objective of LHP is to ensure the quality of homes for our tenants is above the Decent Homes Standard and to undertake improvements at the earliest opportunity to support our commitment to tenant satisfaction and the quality of the homes we provide.

We continue to invest in upgrading our homes including the catch up of works delayed because of the impacts of the pandemic lockdown in 2020; our programme to do this is regularly reviewed and refined.

Our future spend also includes meeting the government target for this sector for all properties to be EPC C by 2030. The impact of investment in our stock has been to reduce EBITDA MRI over the next few years before trending upwards once more. We remain focused on ensuring strong viability of our financial plan and profitability metrics, balanced with our obligations to our tenants.

We are committed to carrying out works as efficiently as possible, with a strong focus on cost and value for money, to limit the risk of cost rises and any potential deterioration on financials. The level of uncommitted spend provides flexibility to reduce development spend if necessary. Our conservative view towards financial management is reflected on our core focus on social housing, with less than 5% of revenue from shared ownership sales.

We continue to see high demand for social housing in our areas of operation. Our recent treasury activities over the past year includes new funding and restructure of existing facilities reducing our funding costs going forward.

Our liquidity is supported with undrawn RCF facilities providing strong liquidity headroom.

Half Year Results
The half year results to the end of September 2021 shows LHP achieved Turnover target with £29.5m, Surplus before Tax with £5.6m and its planned programme of investment in component replacements. Rent lost through voids has continued to improve in the first half of the year with average rent lost down from 2.3% in Q4 2020/21 to 1.3% at the half year. Rent arrears have increased from a low base position at the end of Q4 2020/21 and continue to be an area of focus for us.

Board changes
During September Yvonne Lowe stepped down as a Board Director while Nicola Ebdon took over the role of Company Secretary from Zoe Wortley.

Investor presentation
Investors are invited to a virtual presentation on our results and plans on 8 December at 15:00. Please contact investor@lincolnshirehp.com for further details.

3rd November 2021

The Regulator of Social Housing has announced the results of its latest Regulatory Judgement for LHP. Our governance rating remains at G1. This means that we meet all the Regulator’s requirements in relation to governance.

In addition, our financial viability rating remains at V2, which demonstrates that we continue to meet the regulator’s requirements and have the financial capacity to deal with a reasonable range of adverse scenarios.

Speaking about the judgement, Kathryn Price, Executive Director of Finance said: “We’re delighted that the Regulator of Social Housing has maintained our G1 governance rating – it provides a solid foundation as we develop our new Corporate Plan, which will be available in 2022.”

Boston Mayflower Finance PLC (the Issuer)

£150,000,000 4.321 per cent. Guaranteed Secured Bonds due 2059 (the Bonds)

Dated: 7 June 2021

The Issuer has today reached financial close on the sale of £35,000,000 retained bonds further to the Forward Purchase Agreement announced on 5 June 2020.

On 8 September 2014 the Issuer issued £150,000,000 in principal amount of the Bonds. The Issuer immediately repurchased £75,000,000 in principal amount of the Bonds (the Retained Bonds). On 17 June 2020 the Issuer sold £40,000,000 in principal amount of its Retained Bonds.

Following this financial close all of the Retained Bonds are sold, and no Bonds are held by or on behalf of the Issuer.

For further information, please contact:

28 April 2021

The Regulator of Social Housing has today announced the results of its latest Regulatory Judgement for LHP. Our governance rating has been upgraded to G1. This means that we meet all the Regulator’s requirements in relation to governance.

Our financial viability rating remains at V2, which demonstrates that we continue to meet the regulator’s requirements and have the financial capacity to deal with a reasonable range of adverse scenarios.

The Regulator has highlighted our improved controls and processes, the accuracy of our business plan data, board reporting and regulatory returns when awarding us the top governance rating.

Our approach to stress testing and mitigation strategies was also recognised for demonstrating our commitment to working closely with our Board, ensuring they have oversight and ownership.

To read the full regulatory judgement, please click here.

5 February 2021

Lincolnshire Housing Partnership (LHP) is pleased to announce the appointments of Kate Lindley and Sally Marshall-Mills as co-opted Board Members with effect from 2 February 2021.

Kate has more than 20 years of experience leading customer focused operational services and business transformation within both local authorities and the housing sector and currently works as Client Services Director for Socitm Advisory.

Sally is a Housing and Accountancy professional, who is an experienced public sector leader with significant financial and governance experience.

Details of our current Board Members can be found on this page.

Details of our Executive Team can be found on this page.