Decision

Calico Homes Limited (L4254) - Regulatory Judgement: 26 November 2025

Updated 26 November 2025

Applies to England

Our Judgement

	Grade/Judgement	Change	Date of assessment
Consumer	C2 Our judgement is that there are some weaknesses in the landlord delivering the outcomes of the consumer standards and improvement is needed.	Based on previous assessment	September 2024
Governance	G2 Our judgement is that the landlord meets our governance requirements but needs to improve some aspects of its governance arrangements to support continued compliance.	Assessed and unchanged	November 2025
Viability	V2 Our judgement is that the landlord meets our viability requirements. It has the financial capacity to deal with a reasonable range of adverse scenarios but needs to manage material risks to ensure continued compliance.	Assessed and unchanged	November 2025

Reason for publication

We are publishing a regulatory judgement for Calico Homes Limited (Calico) following a stability check completed in November 2025.

This regulatory judgement confirms a governance grade of G2 and a financial viability grade of V2. Calico has a consumer grade of C2 from a planned inspection completed in September 2024.

Summary of the decision

Based on the relevant information and evidence we reviewed in carrying out the stability check, our judgement is that Calico meets our viability requirements and has the financial capacity to deal with a reasonable range of adverse scenarios. However, it needs to manage material risks to ensure continued compliance. We have therefore concluded the landlord’s grade is unchanged and issue a V2 grade for Calico.

From the stability check, there is no evidence to indicate a change in governance grade is required. Calico’s governance grade remains G2.

This regulatory judgement is based on a stability check which does not include a reassessment of Calico’s delivery of the outcomes of our consumer standards.

Prior to this regulatory judgement, the landlord’s most recent consumer, governance and viability grades were C2, G2 and V2, which were issued in September 2024 following an inspection.

During the inspection, we considered all four of the consumer standards: the Neighbourhood and Community Standard, the Safety and Quality Standard, the Tenancy Standard, and the Transparency, Influence and Accountability Standard.

During the inspection we observed a board meeting, attended a tenant scrutiny panel, spoke with tenants, held meetings with Calico and its non-executive directors, and reviewed a wide range of documents provided by Calico.

How we reached our judgement

We carried out a stability check of Calico as part of our annual stability check programme.

Our judgement about how well Calico is delivering the viability outcomes of our Governance and Financial Viability Standard is based on a review of a range of documents provided by Calico, as well as analysis of information supplied by Calico in its regulatory returns.

In confirming Calico’s governance grade as part of the stability check, our work was limited to verifying that the information contained in Calico’s regulatory returns did not appear inconsistent with its existing published governance grade.

Our stability checks do not assess a landlord’s delivery of the outcomes of our consumer standards.

Summary of findings

Consumer – C2 – September 2024

Below are the findings of our most recent regulatory judgement about Calico’s delivery of the outcomes of our consumer standards, which assessed Calico’s consumer grade as C2. The regulatory judgement was issued in September 2024 following a programmed inspection.

During the inspection, Calico provided evidence-based assurance that it has appropriate systems for ensuring the health and safety of tenants in their homes and associated communal areas. The landlord demonstrated that it has a good understanding of its compliance with health and safety requirements with a good level of reported compliance with statutory obligations. External specialist assurance has been sought in this area which included data integrity, with an improvement plan delivered in response to recommendations from these. 

We found weaknesses in Calico’s understanding of the condition of its homes. At the time of our inspection, sufficient progress had not been made on updating this through a programme of physical stock condition surveys. Calico is able to demonstrate that it uses the information it does have on its homes to assess the quality and safety of its tenant’s homes and inform decision making on future investment in its homes. We will continue to engage with Calico while it delivers the actions required to improve the information it holds on the condition of tenants’ homes.   

The inspection identified weaknesses in the provision of an effective repairs service which Calico is taking steps to resolve. Due to a high volume of outstanding repairs, Calico is working to address the backlog this has caused.  

In relation to the Neighbourhood and Community Standard, we gained assurance through the inspection that Calico works in partnership with relevant organisations to deter and manage anti-social behaviour and hate incidents in the neighbourhoods in which it operates.  

During the inspection, Calico demonstrated that, in line with the Tenancy Standard, it offers tenures that are appropriate for the homes it lets, taking into account the purpose of the accommodation, the needs of individual households, the sustainability of the community and the efficient use of social housing.    

In relation to the Transparency, Influence and Accountability Standard, we saw evidence through the inspection that there had been weaknesses in how Calico has previously handled tenant complaints. However, through our engagement we gained assurance that improvements have subsequently been made. We observed that Calico has recently implemented a range of engagement and scrutiny arrangements which provide opportunities for tenants to share views and contribute to decision-making. These arrangements will need to continue to be supported so that the feedback provided can be used to inform Calico’s service standards and performance improvement processes.

At the time of our inspection, Calico recognised that it needed to improve the information that it holds about tenants and is taking action to address this. Calico evidenced that it regularly provides a range of relevant and accessible information to tenants, including about its performance in delivering landlord services.  

We continue to actively engage with Calico to monitor its progress in improving its delivery of the outcomes of our consumer standards.

Governance – G2 – November 2025

From the stability check, there is no evidence to indicate that a change in governance grade is required.

Prior to this regulatory judgement, we issued a regulatory judgement in September 2024 following a programmed inspection of Calico. Below are the findings in that judgement in relation to Calico’s delivery of our governance requirements.

Based on the evidence gained from the inspection, there is assurance that Calico’s governance arrangements are meeting the requirements of the Governance and Financial Viability Standard.  

We found evidence through the inspection that improvement is needed so that Calico’s board can demonstrate that it ensures decisions are made in the best interests of the organisation and with the independence needed, particularly in being able to achieve value for money from use of charitable resources. A greater degree of transparency and clarity is needed on interactions between Calico and other organisations in the group structure. This is particularly important when receiving significant services from, and disposing of charitable assets to other organisations within the group.   

At the time of the inspection, Calico’s board was not able to provide sufficient assurance that it regularly reviews whether its operating arrangements enable it to deliver against its purpose, ensuring value for money and making best use of resources. An external review of the current structure was commissioned in late 2023 and further work is needed to consider its findings.   

We gained assurance during the inspection that Calico has an appropriate business planning, risk and control framework in place. However, we found evidence that Calico’s approach to risk management needed improvement, with gaps in the board’s assurance in some areas including the quality of information held on the condition of tenants homes.  

At the time of the inspection, Calico’s board had not been able to test its assurance on the effectiveness of governance arrangements to ensure the quality of governance is aligned to the activities and associated risks of the organisation. It had been a significant period of time since an in-depth review of governance was carried out and there is a reliance on self-assessment only. We also found that Calico needed to put in place a formal process for board recruitment, skills assessment, development and succession planning. While there were delays in managing risks around board succession planning, there are now plans in place for refreshed board membership.   

We continue to actively engage with Calico to monitor its progress in improving aspects of its governance arrangements.

Viability – V2 – November 2025

Based on evidence gained from the stability check, we have assurance that Calico meets the viability requirements of the Governance and Financial Viability Standard.

We have concluded that Calico has financial plans that are consistent with and support the delivery of its strategic objectives. Calico’s business plan is appropriately funded, and sufficient security is in place to support its financial and business plans. Calico is forecasting to maintain covenant compliance and stress testing shows that it is able to withstand a reasonable range of adverse economic scenarios.

Calico continues to invest significantly in its existing homes and these pressures, alongside the development of new homes, mean its capacity to respond to adverse financial events is reduced.

Background to the judgement

About the landlord

According to the 2025 statistical data return Calico owns 5,408 homes in the North West.

Our role and regulatory approach

We regulate for a viable, efficient, and well governed social housing sector able to deliver quality homes and services for current and future tenants.  

We regulate at the landlord level to drive improvement in how landlords operate. By landlord we mean a registered provider of social housing. These can either be local authorities, or private registered providers (other organisations registered with us such as non-profit housing associations, co-operatives, or profit-making organisations). 

We set standards which state outcomes that landlords must deliver. The outcomes of our standards include both the required outcomes and specific expectations we set. Where we find there are significant failures in landlords which we consider to be material to the landlord’s delivery of those outcomes, we hold them to account. Ultimately this provides protection for tenants’ homes and services and achieves better outcomes for current and future tenants. It also contributes to a sustainable sector which can attract strong investment. 

We have a different role for regulating local authorities than for other landlords. This is because we have a narrower role for local authorities and the Governance and Financial Viability Standard, and Value for Money Standard do not apply. Further detail on which standards apply to different landlords can be found on our standards page. 

We assess the performance of landlords through inspections and by reviewing data that landlords are required to submit to us. In Depth Assessments (IDAs) were one of our previous assessment processes, which are now replaced by our inspections programme from 1 April 2024. We also respond where there is an issue or a potential issue that may be material to a landlord’s delivery of the outcomes of our standards. We publish regulatory judgements that describe our view of landlords’ performance with our standards. We also publish grades for landlords with more than 1,000 social housing homes. 

The Housing Ombudsman deals with individual complaints. When individual complaints are referred to us, we investigate if we consider that the issue may be material to a landlord’s delivery of the outcomes of our standards.  

For more information about our approach to regulation, please see Regulating the Standards.

Further information

• Regulating the standards

• Regulatory standards for landlords