Sovereign Network Group - RSH Inspection Outcome

Sovereign Network Group

Regulator of Social Housing confirms G1, V2, C2 grading

SNG (Sovereign Network Group) has received the outcome of its recent inspection by the Regulator of Social Housing (RSH), which confirms it has maintained its G1 and V2 grading for governance and financial viability, and received a C2 grading against the new Consumer Standards.

The inspection, part of the RSH's planned programme, was SNG's first since the merger of Sovereign and Network Homes in 2023. It assessed how the organisation is meeting the Regulator's governance and financial viability requirements and, for the first time, performance against the RSH's Consumer Standards.

Mark Washer, SNG's Group CEO, commented: "I'm pleased the RSH recognises our strong leadership, effective strategic decision-making, and robust risk management within our governance, as well as our financial resilience. These are solid foundations to deliver the full benefits of our recent merger for our customers and communities. This includes meeting our ambition to deliver 25,000 homes over ten years alongside long-term investment in existing homes so they meet our Homes and Place Standard, which we cocreated with our customers."

In relation to the C2 grading against the consumer standards he added:

"The RSH was assured SNG meets expectations in areas including the health and safety of residents, having a good understanding of the condition of our homes, treating tenants with fairness and respect, and tenancy sustainment. We are committed to delivering the best possible outcomes for our customers and recognise that ongoing improvements are needed across our repairs and complaints services. Significant investment is being made in these areas, building on our existing improvement plans, and work is already underway so that our customers continue to feel the difference we are making."

For more information, please contact: Anup Dholakia, Director of Treasury, Sovereign Network Group 07920205992 

Tim Taylor, Director of Communications and External Affairs, Sovereign Network Group

07795470472

Disclaimer The information contained herein (the "Trading Update") has been prepared by Sovereign Network Group (the "Parent") and its subsidiaries (the "Group"), including Sovereign Advances Ltd, Sovereign Housing Capital PLC (the "Issuers") and is for information purposes only.

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Note: Figures quoted in the update are based on unaudited management accounts which are subject to review and further adjustments, for example in the areas of pensions, investment property valuation and taxation.