Transfer latest and next steps

Thistle announced Sanctuary Scotland as the Association’s preferred transfer partner on 12 February 2020. The due diligence process will soon be completed, which should enable the joint Business Case to be considered by the governing bodies of Sanctuary Scotland, Sanctuary Group and Thistle in August 2020. The Business Case will also be reviewed by the Scottish Housing Regulator.

If the Business Case is approved in August 2020, it is anticipated that the formal consultation of Thistle tenants would take place during September 2020, with the independent ballot of Thistle tenants likely happening during October/November.

Subject to the approval of 1. the respective governing bodies, 2. Thistle tenants and 3. Thistle shareholders, the transfer could be completed on/around 1 February 2021.

If a Transfer of Engagements does take place, all of Thistle’s operations will transfer to Sanctuary Scotland. In practice this means tenants would become Sanctuary Scotland tenants (but retain all existing tenancy rights), staff would become Sanctuary Scotland employees (on the same terms and conditions) and Sanctuary Scotland would become the factor. All of Thistle’s contracts, obligations, debts and liabilities would transfer to Sanctuary Scotland.