Peabody Capital PLC Peabody completes merger with new local focus (1544V)
April 03 2023 - 6:00AM
UK Regulatory
TIDM46QW
RNS Number : 1544V
Peabody Capital PLC
03 April 2023
Peabody Trust, Peabody Capital PLC, Peabody Capital No.2 PLC,
Catalyst Housing Limited
Peabody completes merger with new local focus
Peabody and Catalyst have completed the final stage in their
merger, creating a single not-for-profit organisation with over
104,000 homes and around 220,000 residents across London and the
Home Counties.
The new Peabody is today publishing a refreshed Group Strategy
setting out its priorities. The plans will put residents at the
heart of the organisation, and create a new regional structure,
with more locally focused teams and a commitment to deliver an
enhanced, easily accessible responsive repairs service.
Investment in planned maintenance is being prioritised and
accelerated, alongside retrofit projects to make thousands of
Peabody owned homes more energy efficient over the next three
years.
Peabody will now operate across 107 local authority areas, with
rents that were GBP679m lower than the market in 2021/22. An
average rent of GBP122 per week in London and the south-east
represents significant value for residents, taxpayers and
government.
In partnership with councils and communities, the organisation
will work to foster economic inclusion, tackle inequality and
poverty and embed wellbeing through:
-- An energy advice service saving residents money.
-- Food pantry networks and partnerships with food banks.
-- Family focused programmes through Children's Community partnerships
-- Apprenticeships and other learning opportunities through a new Peabody Academy.
-- Incubating small businesses and enterprise through funding, facilities and support.
-- 20% social value weighting in procurement of goods and services.
The Group will also continue to deliver quality care and support
services and further develop expertise in placemaking and
regeneration, delivering sustainable and inclusive growth for local
areas through providing new affordable homes and a long-term,
joined-up approach to management.
Ian McDermott, Chief Executive of Peabody, said : "Today we are
setting out our absolute commitment to our residents. We know we
need to improve and have detailed plans to do so. I have been
closely involved in the Better Social Housing Review and the
priorities in our refreshed Group Strategy are closely aligned with
this.
We need to be better at getting the basics right, get closer to
our communities, and continue to invest in safety, services and a
sustainable Peabody. Our increased scale will help us do that. By
combining a new locally focused operating model with better
technology and data driven services, we're determined to boost
resident satisfaction for the long-term.
Beyond that our commitment to supporting councils and
communities will continue. We'll seek to do our bit in providing
social and economic support for people as well as providing quality
new homes in partnership."
Elly Hoult, Peabody's new Chief Operating Officer, added: "Our
new ways of working will allow us to foster a truly people-first
culture, with every team focused on helping residents, their
families and communities. I will be focused on transforming our
services, supporting regional managing directors in their local
areas and ensuring that residents are at the heart of every
decision we make. This means listening to them, learning from them
and delivering what they need.
"We are designing our whole organisation on these foundations
and will continue to put residents front and centre, whether we're
investing in our existing homes and services, delivering a quick,
reliable repairs service, or working towards a more sustainable
future. We are determined to make the most of this huge opportunity
to make a positive impact in people's lives."
ENDS
Contact: Benjamin Blades, Assistant Director Corporate
Affairs
Contact: Anthony Marriott, Director of Treasury & Corporate
Finance
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