Why we are engaging with Link Group Ltd (Link Group)
We are engaging with Link Group about its financial management, development plans, and because it is a systemically important landlord.
Link Group has three registered subsidiaries, Horizon Housing Association Ltd (Horizon), Larkfield Housing Association Ltd (Larkfield); and West Highland Housing Association Ltd (West Highland).
We refer to a small number of RSLs as systemically important because of their stock size, turnover or level of debt or because of their significance within their area of operation. We need to maintain a comprehensive understanding of how their business models operate, and how they manage the risks they face and the impact these may have. So we seek some additional assurance each year through our engagement plans. Given Link Group’s size, turnover and level of debt we consider it to be systemically important.
Link Group is one of the largest developers of new affordable housing in Scotland and has plans to grow through a considerable programme of new homes for social rent, mid-market rent and low cost home ownership. Link Group will receive significant public subsidy to help achieve this. It has told us that it will need to obtain new private finance to support this. We will engage with Link to get assurance about how it is managing the risks to the organisation including levels of debt and on-going development plans.
Link Housing Association (Link HA) was previously a subsidiary within the Link Group and transferred its engagements to Link Group on 1 July 2025. As Link HA had no tenants, there was no requirement for a tenant ballot on the proposals. Link HA was removed from the Register of Social Landlords on 4 December 2025.
What Link Group must do
Link Group must:
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send us copies of its Board and audit committee minutes as they become available; and
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tell us if there are any material adverse changes to its development plans which might affect its financial position or reputation, in line with our notifiable events guidance.
What we will do
We will:
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review the minutes of the Board and audit committee meetings and liaise as necessary; and
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update our published engagement plan in the light of any material change to our planned engagement with Link Group.
Regulatory Returns
Link Group must provide us with the following annual regulatory returns and alerts us to notifiable events as appropriate:
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Annual Assurance Statement;
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audited financial statements and external auditor’s management letter;
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loan portfolio return;
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five year financial projections; and
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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.