Paragon Treasury PLC In Depth Assessment outcome (2269G)

TIDM60VT

RNS Number : 2269G

Paragon Treasury PLC

30 March 2022

Paragon Treasury Plc

Paragon Asra Housing Limited ('PA') In Depth Assessment outcome

PA is the parent company of Paragon Treasury Plc and a Registered Provider owning and managing over 23,000 homes in the East Midlands, London and Surrey.

PA confirms that following an In Depth Assessment ('IDA') conducted by the Regulator of Social Housing, PA is graded as V2 for financial viability and G1 for Governance (previously V1, G1). The financial viability regrade reflects the following factors, working in combination:

   --    PA's ongoing commitment to build 6,000 new social tenure homes between 2020 and 2030 

-- Short-term additional expenditure on fire safety remediation, in the main relating to a small number of blocks where major remediation works have been identified. PA is working to mitigate this cost through government grant applications and liaison with the original building contractors

PA welcomes the IDA process and fully accepts the results, with feedback from the Regulator to be embedded within working practices going forward.

All enquiries in relation to this trading update should be directed to:

   Simon Hatchman   , Executive Director - Resources 

Tel: [phone]

email: [e-mail]

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March 30, 2022 04:00 ET (08:00 GMT)