THFC delivers strongest ever financial results as it launches new refreshed corporate strategy
9-09-2024
The Housing Finance Corporation (THFC) has set out plans for the next stage of its corporate strategy following the strongest set of financial results in its 37-year history.
THFC, which is the UK’s leading affordable housing aggregator and mutual lender, has provided vital financial solutions to housing associations for almost four decades. The organisation is driven by a core purpose – to enable the affordable housing sector to build and improve homes and create sustainable communities across the UK.
Its annual results to 31 March 2024 show a £7.95bn loan book and a pre-tax surplus of £8.0m, marking the highest in the business’ history. This takes reserves to over £62m, representing a more than doubling over the last 7 years.
These results provide the foundation for THFC to embark on the next phase of its corporate strategy, which centres on growth and delivering new innovative financial solutions.
Building on its long-standing heritage and proven track record, THFC will focus on unlocking new forms of private capital and creating new partnerships between the market and the sector. The aim is to develop a much broader suite of financial solutions to enable housing associations to deliver.
Priya Nair, chief executive of THFC, said: “THFC was born 37 years ago and the landscape has altered dramatically since then.
“HAs’ mandates are more complex than ever before and borrowing capacity remains constrained. This calls for innovation and that is what THFC’s new corporate strategy is focused on. Our latest financial results, alongside our unique, trusted position in the market, positions us perfectly to deliver.”
“Our ambition is to play a central role in catalysing a wider range of financial solutions, to unlock new forms of private capital and meet the diverse needs of our client base.”
Arun Poobalasingam, chief partnerships officer at THFC, said: “Ultimately, THFC is focused on delivering social value and helping to solve the housing crisis. To turn the dial, more innovative financial solutions are needed. Partnerships will be key and that is why they lie at the heart of our strategy – partnerships with investors, with HAs and with policymakers.”
THFC’s refreshed strategic direction also means:
- Seeking to provide significant levels of bespoke support to its housing association client base, while also expanding its product offering to for-profit registered providers and adjacent sectors such as local government and infrastructure.
- A new, expanded senior leadership team, with roles focused on finance, sustainability, risk and operations, strategy and people. Arun Poobalasingam has taken up a new role of Chief Partnerships Officer, responsible for Relationship Management, Product and Business Development.
- Strengthening the Relationship Management team with Gavin Richards promoted to Head of Relationship Management, to directly lead. Hedley Hadfield has also joined as Relationship Manager, bringing over 20 years of experience working in the sector.
- Diversifying the service offering through the recent acquisition of Hargreaves Risk and Strategy, a specialist consultancy that has worked with housing associations, funders and regulators on risk management, strategic planning and control for nearly 30 years.
Notes to editors:
Please contact Luke Cross or Annalyce Whittaker at Social, via luke.cross@social.co.uk or analyce.whittaker@social.co.uk
About THFC
THFC has been the UK’s leading affordable housing aggregator for more than three decades, providing innovative funding solutions for over 150 housing associations across all four nations of the UK. THFC has amassed a near £8bn loan book to date and continues to expand its range of financial products to serve the needs of the social housing sector. THFC has made significant contributions toward solving the UK’s affordable housing crisis, having funded 32,000+ homes under Affordable Housing Finance Plc, which oversaw the government’s initial Affordable Housing Guarantee Scheme. The aggregator launched bLEND in 2018 and unveiled THFC Sustainable Finance (TSF), a sustainable finance vehicle, in 2023.
To view THFC’s 2023/24 Annual Report and Financial Statements, click here.