Wheatley Group slashes millions off deficit as it expands across Scotland
Accounts published by the social landlord show the Glasgow-based group, which has 46,374 homes under its control, made a £2.9 million deficit last year, compared with £21m in 2012/13.
Turnover also increased, at £195.4m in 2014/13, compared with £193.3m the previous year.
Wheatley Group was set up as a holding company by the Glasgow Housing Association (GHA) in 2012, becoming the largest social landlord in Scotland.
The group’s finance director Mark Logan said: “The 2013-14 accounts mark the completion of legally-binding commitments to GHA tenants at the time of stock transfer in 2003.
The final phase of an unprecedented 10-year programme included the successful modernisation of 70,000 former council homes
“This, the final phase of an unprecedented 10-year programme, included the successful modernisation of 70,000 former council homes.”
Earlier this month Edinburgh-based Dunedin Canmore said it would merge with Wheatley Group next year, subject to consent from the Scottish Housing Regulator.
Shareholding members of 5,000-home landlord Dunedin Canmore voted 29-1 in favour of joining the group.
Dunedin Canmore will retain its name and identity and continue to have full responsibility for its homes and operations.