Update on Regency

A new senior management team is now in place at head office, and their first priority is addressing existing issues across the business.

Throughout October, they are visiting all parks to get a hands-on understanding of how each site operates, identifying what is working well and what needs improvement. We are expecting confirmation of our visit date shortly.

Their review covers grounds maintenance, on-site staffing levels, overall customer service, and the relationship between residents and the business, which they acknowledge is not currently where it should be.

The team has committed to reporting back on its findings during November.

Recruitment is ongoing for a new site manager (referred to by Regency as a Cluster Manager, as they oversee more than one park). In the meantime, Sharon Reach is covering the role. The aim is to have a permanent manager in place as soon as possible and then establish a clear and consistent office opening rota. Separately, customer care services are being strengthened so that residents can receive quicker responses by phone or email outside normal office hours.

Separately, potential investors have been visiting parks to assess requirements. Any investment agreement will involve extensive negotiations and legal arrangements behind the scenes, so the delay in announcing new investment is not unexpected. However, we have been advised that an update on this should not be too far away.