Devonshires acted for North West based housing provider The Regenda Group on its group restructure. This involved the conversion of the Group parent from a company to an industrial and provident society, and its subsequent amalgamation with three of its existing subsidiaries to form a new charitable Group parent. Devonshires also advised on a name change and change of rules for the Group's non-charitable subsidiary, now called Regenda Homes Limited.
Announcing the group restructure, Bernard Gallagher, Group Chief Executive said, “The change allows us to provide better quality services equally across all of the areas in which we operate across the North West. Previously we were unable to move budgets from one subsidiary to another. As a result when savings were made in one area we were unable to spend it on essential work in another area. These savings will be invested in the things that matter to our residents - their homes and the services we provide to them - as well as into building new homes."
Andrew Cowan, assisted by Eleanor James, led the Devonshires team, which involved departments from across the firm. Julian Barker led on banking aspects with Sharon Kirkham acting on security issues. Triya Maicha acted on the transfer of 3,000 units between Group members to reflect the charitable objects of the parent and the non-charitable objects of the subsidiary. Amanda Harvey advised the Group on pensions and HR matters.
Catherine Lynagh, Group Executive Director of Finance, said "Devonshires provided Regenda with a really comprehensive and pro-active service. Their experience enabled us to identify issues early on and their strategic approach helped us decide how to deal with them. They worked with us on a real partnership basis which helped us save costs and were organised in their approach which all mean we were able to deliver this project to time."
Other team members included Nick Billingham, Head of Housing Management, Stacey Price on property charging matters and Katie Ball of the employment team.