Selhal, which owns 2500 homes in the North-west, has an annual turnover of £8m and employs around 180 people, made the redundancies as part of an emergency plan to keep afloat while it seeks a merger partner.
Chief executive Mel Godfrey has resigned and been replaced part-time by Dermot McRoberts of consultant Hacas Chapman Hendy. Other senior management posts will not be filled. The five redundant staff have found new jobs and further job losses are unlikely before the merger, McRoberts said.
Oldham-based Selhal is hoping to merge with a larger RSL and says several have expressed an interest. McRoberts said a partner will be chosen by Christmas and the merger will happen by the spring.
Selhal hit cash-flow problems through over-expansion.
The Housing Corporation put Selhal under supervision in August.
It had expanded from its core business of social housing but McRoberts said the “short-term liquidity problems” had hit its mainstream business too.
Source
Housing Today
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