“Arrangements with its unregistered parent company to provide support failed to operate in practice, negatively impacting on Rentplus Homes’ ability to protect its social homes,” the regulator added.
Jonathan Walters, chief executive of the RSH, said: “Landlords must regularly assess and test their governance arrangements to make sure they are fit for purpose, but Rentplus Homes has failed to do this, which has had serious implications for its financial resilience and ongoing viability.
“Although Rentplus Homes is taking steps to manage emerging risks, it has not yet provided a credible route to resolve them at the pace we expect.
“We have serious concerns about this case, and are considering further regulatory intervention.”
The RSH made it clear that its judgement concerned the registered provider only, and did not represent an assessment of the non-registered entities within the group.
The for-profit provider reported a turnover of £1.1m for the year to 31 December 2025. It employs no staff except its non-executive directors.
Rentplus Homes said: “We take these findings seriously and recognise that improvements are needed in our governance, financial resilience and management of risks arising from our relationship with the wider group.
“We remain committed to providing safe, well-maintained homes and high-quality services for our tenants while addressing the governance and financial issues identified.
“Our immediate priority continues to be to protect our tenants’ homes and maintain the services they rely on. We continue to address the financial pressures facing Rentplus Homes as a result of the administration of RPA1 and to develop additional contingency arrangements to strengthen our ability to operate effectively if anticipated funding or group support does not materialise.
“The board and management team are preparing a prioritised action plan, with clear responsibilities, timescales and evidence of progress, for discussion with the regulator. This will build on steps already taken and work underway to strengthen board oversight, risk management, financial planning and operational independence.
“We remain committed to working openly and constructively with the regulator, keeping tenants and key stakeholders informed, and delivering the changes required. Alongside this work, we remain committed to widening access to low-cost homeownership through our innovative housing model.
“Our homes have been delivered without Homes England capital grant funding. We believe this model can continue to make a valuable contribution to meeting housing needs and helping more households towards homeownership.”
