Paragon Treasury PLC Fire safety update (1879O)

TIDM60VT

RNS Number : 1879O

Paragon Treasury PLC

16 August 2017

The following statement has been released by PA Housing, parent company of Paragon Treasury Plc.

PA Housing takes its responsibilities in respect of resident health and safety very seriously, and in the aftermath of the terrible fire at Grenfell Tower we have reviewed all our high rise tower blocks.

PA Housing owns 19 such blocks, and it holds a leasehold interest in a further 16. The vast majority of these are at or only slightly above six storeys in height. Four of the blocks where PA Housing is the freeholder have full external cladding, but none of these have the same ACM cladding as was present at Grenfell Tower. Three of the 16 blocks where PA Housing only holds a leasehold interest are externally clad, and two of these have ACM cladding. Both of these blocks are six storeys high, and the cladding on one of the blocks is only partial with the majority of the building unclad. We are liaising with the freeholders of these blocks to agree an appropriate fire safety strategy going forward.

More broadly, PA Housing has taken steps to reassure our residents and re-enforce important fire safety rules and information. We have a robust fire risk assessment regime in place, and we have sufficient financial resilience to address all necessary investment in our stock required to keep our residents safe. This will include responding appropriately to any legislative changes which may eventually arise from the Grenfell Tower investigations. At its July meeting, the PA Housing Board agreed in principle to ensure that our financial plans incorporate sensible provisioning for this commitment, subject to more detailed costings to be reviewed in due course.

This information is provided by RNS

The company news service from the London Stock Exchange

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August 16, 2017 09:38 ET (13:38 GMT)

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