Radian and Yarlington announce partnership talks
The Boards of Radian and Yarlington announced on Friday 26 April they are exploring options to form a partnership.
Between them, the two Groups own and manage 38,000 units across the south west and south of England. Over the coming months the two Groups intend to explore options that could:
- Deliver long-term benefits for the customers and local communities served by the two Groups
- Transform customer experience by further developing digital services for customers alongside a continued strong focus on local services
- Provide more than just bricks and mortar – supporting residents into employment, better jobs and ultimately careers through an innovative social business
Radian and Yarlington share similar values; geography is complementary and corporate ambitions are very much aligned – including collaboration, scale and value for money targets.
Financial viability, performance, people capability and governance of both businesses is strong, providing a great platform on which to build a partnership and deliver more new homes and improvements for customers and the local communities within the south of England.
Yarlington recently reported a net surplus of £18.4m, with a consistently high operating margin of 32.6%. In addition, £6.8m was invested in the development of new homes and £11.7m investment in existing properties.
Yarlington was awarded a Moody's credit rating of A3 (stable) and baa1 Baseline Credit Assessment in March 2018, based on its strong control and regulatory framework, strong financial performance, and simple group structure.
See our Governance page.
Our financial framework provides us with a solid platform from which to raise funding for new homes.
In September 2017 we issued a £120m secured bond, of which Pension Insurance Corporation (PIC) has subscribed to £60m, the other £60m has been retained for future sales. This provides us with long-term certainty over our borrowing costs. And allow us to fulfil our commercial objectives to invest more in building homes.
This bond is held within our subsidiary company, Yarlington Treasury Services (YTS). To view the financial accounts for YTS please visit our performance page.
Past financial statements
See our performance page for our most recent financial statements and annual report.
Financial statements for the year ended 31 March 2017:
Financial statements for the year ended 31 March 2016:
Get in touch if you'd like to see financial accounts from previous years.
See our performance page for more information on how we're doing.