Case Studies
Delivering successful outcomes for our clients

Centrus continues to grow its sector leading role in merger advisory – PA Housing

asra Housing Group and Paragon Community Housing amalgamated into PA Housing in April 2017, creating a single 24,000 home organisation with a vision to build a further 350 homes a year to further support communities in need.

Centrus was appointed to support Paragon and asra’s executive teams in obtaining the buy-in and consent of existing lenders to both the consolidation of asra’s two RPs (Leicester Housing Association and asra Housing Association) and the combination with Paragon.

Our sector knowledge and strategic view of the market worked to deliver an outcome that created a strong and stable organisation better placed to unlock balance sheet strength to deliver more homes together than each could apart.

PA Housing is now well placed to take its vision for growth into the future, with a sector-leading liquidity and credit profile, which has been recognised with the maintenance by Moody’s of a rating at A2 level, the same as held by Paragon previously. Centrus’ role included advice on liquidity, derivatives, credit ratings, accounting, financial modelling, and FRS102.


Simon Hatchman, Director of Finance PA Housing Centrus’s commercial insight and strong support in negotiations with lenders was invaluable in enabling us to achieve our objectives for this transaction and we are excited about the future for the combined business

Centrus is currently engaged on a further seven mergers, at various stages, involving Registered Providers of differing sizes and complexities, across England & Wales.