TIDM46QW
RNS Number : 4651N
Peabody Capital PLC
30 September 2021
Peabody and Catalyst confirm merger to take place next
Spring
Peabody and Catalyst have confirmed their intention to join
together following a 6-week consultation period. Both Boards
carefully considered feedback from residents and have now agreed
that Catalyst will join the Peabody Group as a subsidiary on 1
April 2022 subject to required lender consents and Catalyst
shareholder approval.
The new organisation will be responsible for 104,000 homes, with
c220,000 residents across London, Kent, Sussex and the Home
Counties.
Brendan Sarsfield is stepping down as Peabody Chief Executive
today (30 September), and Ian McDermott's secondment to the role
takes effect from 1 October 2021. Sarah Thomas will lead Catalyst
until the merger takes place in the spring. The Designate Board
will be led by Lord Kerslake and the Designate Executive by Ian
McDermott.
Positive discussions with lenders have already begun, and an
early priority for both organisations will be to establish new
structures to deliver a regional model with more locally based
teams.
Ian McDermott, Peabody's Designate Chief Executive said "I would
like to thank everyone who has taken the time to give us their
views during this process. We have heard what you have told us.
Customers will be front and centre of the new organisation, and we
will be absolutely committed to investing in our local
communities.
Together, we can go further and faster on improving services and
driving progress on all our strategic challenges. We'll invest in
our homes and in our people to make sure we're doing everything we
can to support people living in our neighbourhoods."
Lord Kerslake, Peabody Chairman said: "This merger represents an
opportunity to make a real difference and worthwhile contribution
to so many lives. Our commitment to genuinely affordable rents in
London and surrounding areas is undimmed, and the need has never
been greater. With upcoming cuts to Universal Credit and an
emerging cost of living crisis already starting to hit, people are
going to need support more than ever.
Our combined community investment will rise to over GBP11m a
year and our deeper local presence will help us form lasting
partnerships with other like-minded organisations and groups. We
want to work together to make the most difference to people who may
be struggling. At the same time, we'll continue to ensure homes are
safe, secure and sustainable and we'll invest in communities,
people and places to help them succeed for the long-term."
ENDS
For more information contact Benjamin Blades, Head of External
Affairs at Peabody on 07875020950 or
Benjamin.blades@peabody.org.uk
Key Peabody facts:
From 1 April 2022, Peabody will have turned 160 years old and be
one of the largest housing associations in the country. The
expanded organisation will have:
-- over 100,000 homes, mostly in London
-- c220,000 residents, c16,000 care and support customers, and c4,000 employees
-- annual turnover of over GBP900m
-- a development pipeline of 19,000 new homes on day one
The Peabody Plan from April 2022
Local and connected
-- We'll be locally focused and better connected with the
communities we serve. Through local, mobile teams, we will take our
services to our customers, being there for them when they need us
most.
-- By investing in digital, our self-serve online service will
offer customers more choice, more convenience and more control.
-- Residents will be front and centre and we'll create and
design services together with customers through sector-leading
engagement.
-- A greater concentration of homes will increase our focus and
presence in many communities. Our combined community foundations
will have greater capacity and reach, with over GBP11 million
investment each year.
Invest and innovate
-- Our plans on building safety and zero carbon remain a top priority.
-- Committed to transparency and excellence in ESG reporting, we
will be able to demonstrate our social impact and how we
successfully create sustainable communities.
-- As a larger organisation we will be able to share our
resources, be more efficient, and continue to offer value for money
for our customers, including through our online services.
-- Our combined financial capacity and expertise will enable us
to meet our commitment to build affordable homes and places, with
safety, quality, and energy efficiency at the core. All our new
homes will be rated EPC B or above.
-- We'll work with government and partners to lead innovative
solutions that improve services to customers, enhance building
safety and reduce carbon consumption.
Influence and impact
-- Through our combined understanding of resident experiences,
and our research and insight, we will help shape and influence
local and national policy, to improve the life chances of those who
live in our communities.
-- We will be a trusted partner for local authorities
underpinned by a shared desire to provide more affordable homes and
help neighbourhoods flourish.
-- Our local teams will have the authority to make decisions
that will create a clear route to discuss opportunities and form
new partnerships.
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END
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(END) Dow Jones Newswires
September 30, 2021 02:00 ET (06:00 GMT)
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