On Thursday 8 July 2010, Presentation Housing Association completed a transfer of its engagements to Notting Hill Housing Trust.
The decision to fully integrate Presentation with Notting Hill Housing Trust was made in order to secure the long-term interests of Presentation's residents and their homes.
Residents, shareholders and the Boards of Presentation and Notting Hill Housing Trust were all in favour of the move.
Shared vision
Apu Bagchi, former Chair of Presentation, said:
"It was a shared vision for equality and social justice that brought Presentation into the Notting Hill Group as a subsidiary in June 2009.
"Both parties look forward to continuing a collaborative relationship within the most sustainable framework to deliver the best possible service for our residents."
Improved performance
Put under supervision by the Housing Corporation in July 2008, Presentation joined Notting Hill Housing group as a subsidiary in 2009.
Changes to governance and operational efficiencies were put in place and performance improved.
However, substantial ongoing risk remained because of the high interest rates attached to Presentation's bank loans.
This restricted operations, for example Presentation's Decent Homes programme could not be re-instated.
Improved finance rates
The transfer of engagements enables finances raised via Notting Hill's recent debut bond issue to be used to re-finance Presentation's debt at more competitive rates.