The GSA Way Isn’t Working.

In recent years, GreenSquareAccord has, according to their own claims, demonstrated remarkable financial success and strategic prowess, positioning themselves as a leader in the housing sector. Let's take a closer look at some of the key milestones as highlighted on their website.

Securing Government Funding - GreenSquareAccord, in collaboration with Matrix Housing Partnership, secured over £12 million from the UK Government’s Social Housing Decarbonisation Fund. This funding has been instrumental in enhancing energy performance in 905 homes across the Midlands and South West.

Issuing Housing Association Bonds - In April 2022, GreenSquareAccord made history by securing a housing association bond with a £100 million retained element at a competitive rate of 5.25%. This significant achievement, we are told, will be providing long-term financial stability and flexibility for the organisation.

Commitment to Sustainability - GreenSquareAccord’s dedication to sustainability was according to them, evident through strategic initiatives, such as transferring a £75 million funding deal into a sustainability bond in June 2021. This move supports the development of affordable homes and aligns with GreenSquareAccord’s broader mission to deliver ecologically sustainable housing solutions.

Recognition and Awards - GreenSquareAccord's financial acumen and achievements did not go unnoticed. GreenSquareAccord were named the winner in the Corporate Finance category at the Association of Corporate Treasurers (ACT) Deals of the Year Awards 2021, highlighting its apparent excellence in delivering complex financial transactions, including the merger with Accord Housing Association.

Industry Partnerships and Collaborations - Being selected as one of the six manufacturers to supply 2D panellised systems for a new £600 million deal with an alliance of housing associations and councils hints at GreenSquareAccord's collaborative approach and industry-wide reputation for innovation and reliability.

Strategic Leadership - With the appointment of Jo Makinson as Chief Finance Officer and the successful execution of a £50 million funding deal by MUFG in preparation for the merger with Accord Housing Association, GreenSquareAccord strengthened its leadership team and financial position, paving the way for continued growth and success…

Overall, these achievements, as shared by GreenSquareAccord, represent a testament to its financial resilience, strategic foresight, and unwavering commitment to delivering affordable, sustainable, and high-quality housing solutions for communities across the UK.

So where did it all go wrong?

Where did it all go wrong?

If you are doubting that it has all gone wrong for Ruth Cooke, GreenSquareAccord, and more worryingly, the residents of GreenSquareAccord, look no further than here to understand their (and our) money woes.

So now let’s try to understand the issues so we can all learn from the mistakes made whilst starting to consider how we are all going to cope.

The Art of Spin

We must first consider the overuse of spin employed by GreenSquareAccord when attempting to bolster themselves and present themselves as leaders in the sector. Due to this, we must question the claims about their financial stability and success, as they cannot be taken at face value.

An example of this ‘Spin’ can be easily drawn from their claim to have successfully secured an outcome in court, in their article titled - "Successful court outcome protects GSA customers." 

Whilst in this post I don’t want to dwell on the money they’ve wasted on legal fees, this is a perfect example of how they employ spin over substance, and as such is a great example of how we must take everything they claim with a pinch of salt.

It starts in the very first sentence - “A successful court outcome will help to make sure customers can contact us and get their enquiries dealt with more effectively.”

The case was dismissed at a cost of over £9k to GreenSquareAccord, hardly a success. As I’ve never hindered customers from contacting GreenSquareAccord, this part is also untrue. If customer enquiries were dealt with effectively, there wouldn’t be a need for a resident support site and their residents wouldn’t be reaching out to me.

The next sentence is equally misleading - “On Thursday 9 November, we secured a legally binding undertaking from Ben Jenkins, who owns and manages a website called GSA Residents.”

Whilst it is true I do own and run a website, however GreenSquareAccord didn’t secure any such thing, I offered undertakings. These undertakings were extended as an olive branch. Had GreenSquareAccord and their barrister not appeared in court, not only would they have saved time, money and face, but I still would have offered the undertakings!

And in the third sentence, it continues - “Mr Jenkins’ actions have significantly affected our customers, who have been encouraged to report issues with their service or home to him through his website rather than directly to us, meaning their concerns can’t be dealt with effectively.”

GreenSquareAccord can claim my actions have significantly affected customers, but in a positive way. I’ve helped their customer/residents raise issues, I ensured customers were compensated, I’ve supported residents with rising complaints with GreenSquareAccord and the Housing Ombudsman. They also seem to be asserting that I’m the reason GreenSquareAccord can’t deal with their customer concerns effectively; again, if this were the case, there wouldn’t be the need for a resident support site!

So, we won’t dwell, but it’s clear that a majority of what GreenSquareAccord publishes simply isn’t true or is spun so much it can no longer be considered as fact.  And as we are talking about a company that is haemorrhaging money, let’s do some math.

The author of a majority of these posts is likely to have been Steve Hayes, who earns somewhere in the region of £70k pa. The legal action can be credited to Sophie Atkinson, who earns circa £90k pa, and the legal action against me thus far has cost almost £10k but will be closer to £50k when it is all over. So some quick math, and this year alone, GreenSquareAccord has squandered about £220k! And we didn’t even factor in a Customer Service Director who admitted in her affidavit that she wasn’t able to do her job; we could save another £75k!

Let’s see what other cost savings we can find.

The Brain Drain

The constant departure of staff at GreenSquareAccord raises significant questions about the company's internal workings and will have an impact on their financial stability. With each employee departure comes not only the loss of valuable talent but also the hidden costs associated with recruitment, training, and lost productivity.

While GreenSquareAccord often makes a big splash (again, more spin) when someone joins the team, it always goes unmentioned when they leave. No ‘thank you for your service’, just a ‘close the door’ on your way out. While frontline staff come and go, it isn’t as usual to see such turnover in higher positions.

The latest departure is the Director of Repairs and Maintenance, a position that should come with its own revolving door. I’ve lost count over the last eight years. The issue (and this is hearsay) arises when experienced repair and maintenance professionals are asked to report to an inexperienced Chief Operating Officers.

When Rachel Crownshaw was in the role of Chief Operating Officer before falling out of favor with Ruth Cooke and either being put on garden leave, sacked, or walked, she struggled to gain buy-in from multiple Directors of Repairs and Maintenance. And with the departure of Andrew Rossiter, who has been reporting to Maxine Espley (brought in to replace Rachel), there is little to suggest she understands any better the needs of a repair team.

As reported here a while back, the internal culture at GreenSquareAccord is one of 'if your face fits,' and looking at the latest reviews from ex-employees, there is little to suggest things have changed.

Don’t take my word for it; here is some feedback from staff at GreenSquareAccord.

The review below highlights the point best.

Again, a negative impact on the finances at GreenSquareAccord will be the mis-hires, the garden leave payments, the training costs, and the mistakes made by unqualified personnel making decisions they are simply not qualified to make.

Compensation Payments

GreenSquareAccord has also faced significant losses due to compensation payments made to customers they failed to provide homes that were warm, safe, and dry. These payments, often resulting from legal disputes and complaints, not only drain the organization's finances but also tarnish its reputation.

During 2022-2023, GreenSquareAccord was forced to pay compensation of £14,932 as disclosed in the Housing Ombudsman performance report. And these are just the ones we know of.

How much GreenSquareAccord has paid out to residents without the involvement of the Housing Ombudsman remains a tightly kept secret; however, we can expect the number to be significant.

When GreenSquareAccord appealed against the decisions made in my own Housing Ombudsman case, GreenSquareAccord disputed the level of compensation to be paid, claiming they had already provided compensation. As shared by the Housing Ombudsman:

The landlord said that the Investigation Report made an error by stating that the landlord had not considered the payment of compensation to the resident. The landlord said that £63,890 was paid to the residents of the property (£1,521 per property) in recognition of the issues they had faced, and that details of these payments were previously provided to this Service.

To which the Housing Ombudsman responded:

On 4 February 2020, the landlord wrote to the resident and explained it would contribute 50% of the cost of the works for the replacement of the patio doors and windows, with the remainder being funded by residents and the scheme's sinking fund. It explained it would contribute 60% of the cost of the replacement of the communal door, with the remainder being funded from the scheme's sinking fund. It also provided an update about the CCTV and confirmed it would meet the costs in full. As part of its Review Request, the landlord has said that it is factually incorrect that it did not consider whether to pay compensation. The above payments, totaling £63,890.91, were explicitly made in recognition of the service failure.

It went on to state:

Further to the findings of severe maladministration and maladministration at paragraphs 158, 160, 161, and 162 of the Investigation Report, the landlord has asked if these findings should stand, given £63,890 was paid to the residents of the property (£1,521 per property), in recognition of the issues the residents faced. As detailed above, it is unclear how the landlord can attribute an offer made in February 2020 to events that occurred after the offer was made. Therefore, I am unable to agree with the landlord that the Adjudicator made an error regarding this offer being compensation for this complaint.

The costs for compensation keep on coming. It’s fair to assume that this is just the tip of the iceberg. And of course there are still many more complaints in the pipeline, with the Housing Ombudsman expressing grave concern.

The Merger - A Hostile Takeover, Botched Job, or Mismanagement?

Here, we have outlined just some of the reasons GreenSquareAccord has lost, squandered, and wasted significant amounts of money. However, this pales in comparison to the cost implications of the failed merger. In Part four of 'The GSA Way Isn't Working,' we delve into the root of all the problems; the rushed takeover of Accord and the fallout from the failed merger, spearheaded by Ruth Cooke.