Financial Viability Graded
The Pioneer Group has been notified by the Regulator for Social Housing that our Financial Viability has been regraded to V2, and that the primary reason for this is the strategic decision to bring forward significant financial investment over the next 2 years in replacing the majority of windows and doors across our homes in Castle Vale.
Francis Burrows, Chair of the Pioneer Group said:
“I am pleased that the Regulator has recognised why Pioneer Group Board made the decision to invest intensively in windows and doors replacement in Castle Vale. It was in response to clear feedback from our tenants and because we know that this will improve our homes during a period of intense cost of living pressures. This was one of the best ways that we could help our tenants to drive down the cost of running their homes. V2 is a compliant rating and I am very pleased our Governance rating remains at the highest G1 level.”
Simon Wilson, Chief Executive of the Pioneer Group said:
“Moving to V2 reflects the strategic choices we have made which we recognise has added stress to our financial plan particularly at a time when rents were capped by the Government in April. I would stress that V2 remains a compliant grade, and in our conversation with the Regulator no concerns have been raised about our long-term viability. Our business plan remains strong, and we are well placed to meet the economic challenges that all businesses face as we continue to make lives and communities better across our communities”.