Why we are engaging with Copperworks Housing Association Ltd (Copperworks)
We are engaging with Copperworks about its planned organisational changes.
Copperworks has had service sharing arrangements with Spire View since 2011. In July 2022, both organisations carried out a strategic options appraisal to assess how they will work together in the future to ensure the best interests of their tenants. The recommendation from the options appraisal was that the organisations should seek to merge through a transfer of engagements. Both organisations agreed to progress a transfer of Copperworks’ homes to Spire View.
Copperworks will now consult its tenants about the proposed transfer of engagements to Spire View. Later this year, Copperworks tenants will vote on the proposals in an independent ballot.
What Copperworks must do
- keep us informed as it works through its proposals for a transfer of engagements to Spire View, and the outcome of its consultation with tenants; and
- notify us about the outcome of the tenant ballot.
What we will do
- engage with Copperworks about its proposed transfer of engagements to Spire View to seek assurance tenants' interests are protected; and
- update our published engagement plan in the light of any material change to our planned engagement with Copperworks.
Copperworks must provide us with the following annual regulatory returns and alert us to notifiable events as appropriate:
- Annual Assurance Statement;
- audited financial statements and external auditor’s management letter;
- loan portfolio return;
- five year financial projections; and
- Annual Return on the Charter.
It should also notify us of any material changes to its Annual Assurance Statement, and any tenant and resident safety matter which has been reported to or is being investigated by the Health and Safety Executive or reports from regulatory or statutory authorities or insurance providers, relating to safety concerns.