Formed from a merger between First Wessex and Sentinel, the new Portsmouth housing group now ranks as a major builder of new homes among UK housing associations.

The new housing target is double what the previous housing associations delivered and is set to see more contracting out of new build work.

It manages 30,000 homes across 20 local authorities in the South East, mainly across Hampshire and Surrey. With around 70,000 customers and 1,000 staff, including its own construction arm called Vivid Build, and a repairs team.

Peter Walters, former chief executive of First Wessex will step down from his transitional role as Vivid’s chief executive in six months to pursue other career opportunities, after which Mark Perry, who was previously Sentinel’s chief executive will formally take over.

Vivid plans to offer a choice of housing tenures including; social and affordable rent, shared ownership, market sale and market rent, reinvesting the surplus from both market sale and rent to increase the proportion of homes its builds for social and affordable rent.

The new landlord has a turnover of around £200m, with a projected surplus of just under £40m.

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