Horton Housing Group provides housing, training and support services across Bradford, Calderdale, Kirklees and North Yorkshire. The Group identified a need for funding to provide additional supported housing through its registered provider subsidiary Chartford Housing Limited secured by properties owned by both Horton Housing Association Limited and Chartford. Clive Eccleston of 2TIX LTD was engaged to support the Group through its approach to the funding market, the issue of a funding memorandum, assessment of funding offers and delivery. Horton received 5 good offers and so needless to say we are very happy with the outcome involving an additional £5m of long-term finance together with an overall saving on our cost of borrowing.
"We appointed the team at 2TIX LTD in August 2020 to review our separate borrowing requirements, align our treasury policies and develop a new treasury strategy. As part of this project they also supported the production of the 2021/22 business plan cash flows in HousingBrixx. Working under very tight time pressures they met every deadline and we were very pleased with the results they delivered. We would be very pleased to recommend them.”
“Julie has provided Warrington Housing Association with specific Brixx business planning support, namely, reviews of the shared ownership objects, working capital objects and the production of a bespoke gearing covenant report. She has also subsequently helped us explore Development Housing Brixx. Julie completed the work efficiently and on time and in the course of the assignment, and under her own initiative, she recommended useful improvements to other areas in the business plan. We are very pleased with the support Julie gave and would highly recommend her.”
“We commissioned 2TIX LTD to run a small-group training session on the transition from LIBOR to SONIA via Microsoft Teams. The training covered all the necessary details including the background to the change, the key actions we will need to take, and how to calculate interest on a Compounded SONIA loan. The presentation was thoroughly well researched and from his extensive knowledge Adrian was able to answer all our questions. It was a very worthwhile session and we would certainly recommend him.”
NEW LOAN "In the early part of 2020, the Association identified a new borrowing requirement to fund significant works required to its stock to meet safety requirements. Prestwich approached GB Social Housing for funding; 2TIX LTD were engaged to support the Board through its understanding of the funding offered and to assist in delivery. Clive Eccleston has supported both the Board and the officers throughout the process, and we are very happy with the outcome, having secured over £5m of long term funding at an interest rate below 2.5%. "
TREASURY RETAINER - COMPOUNDED SONIA "2tix Ltd provided great support and guidance on the drafting and calculation methodology of a new SONIA RCF." "Adrian provides a wide range of treasury services and advice via a retainer arrangement. This has allowed us to call upon his extensive knowledge to support treasury strategy and operational decision-making. He is very responsive to our requirements and is regarded as a key member of the MTVH treasury operation, available to call upon at short notice.”
WYTHENSHAWE COMMUNITY HOUSING GROUP
"Julie initially joined us at short notice to support our business planning process. Julie was able to hit the ground running, needing minimum handover and guidance; the business plan was delivered to our Board complete and on-time. As a result of the Covid pandemic, a second business plan together with stress testing and mitigations was required and was delivered within the space of 4 weeks. Julie is logical, flexible, and can work calmly under pressure. She can also work independently using her own initiative as well as working within a team. Julie communicates effectively both within the organisation and externally. I am confident that Julie’s skills and abilities would be a valuable asset to any organisation."
• We ran an in-house training Webinar for partners and staff at Trowers & Hamlins Solicitors on how to calculate Compounded SONIA. Trowers and Hamlins kindly invited us to provide a simplified version of the SONIA Webinar to over 100 of their clients. • We provided support to the National Housing Federation to update their web site on the subject of the transition from LIBOR to SONIA.
• We provided training and support to the staff of The Housing Finance Corporation (THFC) on the transition from LIBOR to SONIA.
• Anthony Collins Solicitors kindly invited us to be the main presenter to 70 of their clients on their webinars “SONIA Transition Top 10 Tips”; “Transition from LIBOR to SONIA – Next Steps and “SONIA Transition Update”.
• We wrote an article titled “SONIA Transition, the time for action is now” that was published in Social Housing Magazine online.
Procurement of new funding 2TIX LTD were appointed to support the raising of new long term loan to refinance an expiring short term loan facility. Via a procurement exercise Clive Eccleston identified several new funding opportunities and helped us move quickly to deliver a tap of the GBSH 2038 bond at an all inclusive interest rate well below 3%. A particularly pleasing aspect of this new loan is its security efficiency with an asset cover of less than 80%. At the same time he helped us procure a revolving credit facility to fund the development programme 2TIX LTD were an excellent partner throughout this exercise and we are extremely pleased with the outcome which has exceeded our expectations
“We commissioned 2TIX LTD to prepare a Financial Capacity and Funding Options Report. The Co-op wanted to understand its capacity to develop or acquire more properties. It also wanted to understand how it could go about the process of analysing the risks of such action and how these could best be managed. Adrian was very thorough in his analysis, kept to a tight time table, and was perceptive to understand how some of the issues arising would be viewed by the Co-op. His final report, though comprehensive and detailed, was written in a highly accessible style to enable non-finance professionals to engage with it. The whole project was a pleasure to work on and I would be very happy to recommend 2TIX.”