GBSH was established in 2012 by the UK asset management division of MBIA Inc, a global insurance company specialising in public/infrastructure finance insurance in Europe (including the UK), USA and Australia.
GBSH’s sole purpose is to provide long dated fixed rate loans to UK registered social housing providers and all loans are financed via GBSH’s rated and listed bond programme. As of 31 December 2025, GBSH has lent nearly £400m to around 30 registered housing association across England, Wales and Scotland.
GBSH loans include an initial set of financial covenants that comprise a minimum asset cover, minimum interest cover, and maximum gearing covenant. There are seven sets of covenant options available, and borrowers may request a covenant change when required subject always to GBSH approval. If interest cover is reduced and/or gearing increased, additional asset cover will be required by GBSH.
John Pilkington
Board Chair of GBSH Group of Companies
Director of Carbon8 Systems Ltd
Director of Acumen7 Ltd
John trained as a civil engineer at Cambridge University. He was a director for 20 years at international engineering consultancy, Ove Arup & Partners, before joining UK’s largest construction company, Tarmac/Carillion plc, as development director for large PFI and PPP projects. He then joined support services company, Amey plc, as its head of strategy. After Amey’s acquisition by Ferrovial SA, John became Managing Director of the group’s investment businesses. John has held a number of senior non-executive director roles including chair of decarbonisation technology company, Carbon8 Systems Ltd, chair of labour supplier, Fortel Services Ltd, and chair of engineering consultancy, BWB Holdings Ltd. He was also a non-executive director on the board of the manufacturing company, Alumasc plc, and a member of its audit and remuneration committees.
Jenny Baster
Director of GBSH Group of CompanieS
After several years as a teacher, Jenny trained as a solicitor and worked for several years in a City firm. In 1985 she joined the multi-disciplinary engineering firm Arup where she spent the rest of her professional career. She became their Group Legal Director with global responsibilities, and she was appointed a Group Board Director in 2009. After retiring from full time work, she continued to serve as a trustee until 2022. She became a non-exec director of GBSH in 2020.
Timothy Jennings
Director of GBSH Group of Companies
Tim trained as a chartered accountant before joining Capita Plc where he spent 20+ years in Divisional Finance Director roles, including property services, and financial services divisions. He joined Aldwyck Housing Association in 2015 as Executive Director Finance, and then as CEO prior to the merger with Catalyst Housing where he was Executive Director of Finance until 2022. Subsequent part time roles included assisting with the rescue of Swan Housing and then Rapport Support & Care, but he now focuses solely on Non-Executive roles in the Housing Sector. Current Board member roles are Community Housing, Cambridge Housing Society, Ability Housing, and PA Housing.
Gerhard Oberholzer
Director of GBSH Group of Companies
Board member of CHS Group