Sanctuary has completed its takeover of troubled housing association Swan.

Essex-based Swan, which manages 11,600 homes, has now joined giant association Sanctuary as a subsidiary following the completion of a rescue deal this week.

The move to acquire Swan, which in 2021 breached a regulatory standard after losing control of development costs, means Sanctuary now owns 116,000 homes. The Swan subsidiary will be headed up by Dave Soothill as managing director, who will move from his current role of Sanctuary development director. Susan Hickey, interim Swan chief executive, will leave the organisation.