Home REIT Tenant Supportive Homes CIC Enters Voluntary Liquidation

According to a stock exchange announcement today (7 September), Supportive Homes CIC represented 11.3% of rent demanded by Home REIT in August 2023 and was a tenant of 209 properties.

The company once stood as Home REIT's second largest tenant, but has recently fallen to fourth, behind One Housing and Support CIC, The Big Help Project and Redemption Project CIC, which has also already entered liquidation.

FRP Advisory Trading Limited has been appointed as liquidator, adding to its work on Gen Liv UK CIC and Lotus Sanctuary CIC.

Two Home REIT tenants enter creditors' voluntary liquidation

Supportive Homes CIC was described as "non-performing", with the liquidation set to "unlock the ability for the company to re-tenant properties or carry out other asset management initiatives".

It was also noted that discussions with prospective tenants to take on leases have "already commenced".

Supportive Homes connection to Pathway Homes Group

Before it went into liquidation, Pathway Homes Group was one of Home REIT's largest aggregators, leasing properties to a number of tenant groups, which in turn provided rooms to vulnerable people. 

Supportive Homes CIC was one of these tenant groups, alongside the now liquidated Gen Liv UK CIC, Dawson Housing and Community Restore CIC, which was only incorporated in October 2022 after Dawson Housing relinquished its leases.

'The circle is collapsing': How a demolished house in Lancashire uncovered Home REIT's broken business model

An Investment Week investigation found several connections between the tenants' directors and Pathway Homes Group associates. 

Lesley June Williams, who was listed as a director with significant control of Supportive Homes CIC from March 2021 to January 2023, is married to Lee Williams, project manager at Pathway Homes Group.

Morag Williams, who shares no family relation, is listed as a director of Supportive Homes and also Community Restore. According to her LinkedIn profile, she also works as an office manager for Clarke & Co Property. Jonathan Clarke, a co-founder of Pathway Homes Group, is listed as a director of that company.

Home REIT's investment policy overhaul reveals depth of issues facing the trust

Pathway Homes Group said each director was "chosen on their own merits", with each company set up as a legal entity in "its own right" and with a board of independent directors.

"Each director will no doubt have made a ‘Declaration of Interest' in accordance with company law, in which any interest or conflict would have been disclosed. The board would then deal as they saw fit, independently of PHG," the firm said.

 

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