Pre and post-merger Brixx financial modelling

Supported the merger of Tai Ceredigion and Mid-Wales HA with combined financial modelling for the business case.

About the project

Barcud was formed in October 2020 through the merger of Tai Ceredigion (an LSVT) and Mid-Wales Housing Association (a traditional HA). As the leading provider of Brixx modelling services, Altair supported the associations with Brixx modelling throughout the pre-merger and Business Case process creating a combined model, carrying out stress testing, identifying additional capacity and presenting results to the individual associations and shadow board.

Outputs were presented using our bespoke Altair Brixx dashboard reporting which clearly illustrates performance against lender covenants and other key financial indicators, and through a series of detailed reports and presentations which kept the Boards fully informed on the potential impact of the merger on the financial strength of the individual and combined entities.

Working with ATFS, our treasury advisory group company, we modelled the implications for the associations funding portfolios to include restructuring of facilities negotiated as part of the process. We modelled capacity against the proposed and actual revised funder covenants to include modelling of the combined security position outside of Brixx.


Our work demonstrated that the combination of Tai Ceredigion and Mid Wales HA would result in a combined entity stronger than the individual organisations and was key element in achieving a successful merger.

In December 2020 Altair were commissioned to create a new model for Barcud and we continue to support with updates and revisions to the plan as the new organisation evolves.

The team at Altair have been able to provide technical Brixx modelling, assurance and validation throughout our merger, to support our strong position today. They demonstrated a thorough approach to financial modelling enhanced by the ability to present results in a clear and accessible way and were on hand to answer all our questions along the way.
Kate Curran, Group Director Finance and IT

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