Case Studies
Delivering successful outcomes for our clients

Centrus support for successful Radian and Yarlington partnership


The partnership of Radian and Yarlington Housing Group has reached financial close. The two associations have  been in negotiation since earlier in the year. They have combined to form a major presence in the provision of affordable housing across the South and South West of England, with significant numbers of homes owned from Berkshire through to Devon.

Centrus is pleased to have acted as corporate finance adviser on the transaction. Centrus has worked with both organisations to establish an appropriate structure for the combined group and to negotiate lender consents. Centrus also ensured that the combined business has appropriate financing arrangements in place. A number of loans have been renegotiated as part of the process, with significant value protected and an increase in the financial flexibility of the group compared to legacy arrangements.

The partnership has been structured as Yarlington’s parent entity joining Radian as a new subsidiary of Radian Group Limited. Consents are in place for one of the asset-owning Radian entities to, in due course, transfer its engagements into the Yarlington subsidiary, to simplify the group structure. Restructured legacy facilities include a syndicated facility from Nationwide and Barclays with historic restrictive covenants, now split into bilateral facilities. Bonds issued by Yarlington and by Portal Housing (part of the Radian group) have been left in place.

Caroline Moore, Chief Finance Officer for the combined business This transaction has involved many moving parts but has been delivered to timetable and within the economic budget advised to us at the outset. Centrus and Devonshires have provided insightful and creative corporate finance advice throughout and worked very effectively with the management team and other advisers.
Barry Greyling, Director at Centrus We approached this transaction with a clear objective – to support our client in executing this transaction in a way which sets them up to be a successful major regional RP. Deals reached with lenders protect value and have significantly enhanced financial flexibility going forward. It has been a pleasure working with Devonshires, Altair, and a great board and executive team