The Shareholder Committee of Ealing Council was scheduled to discuss the closure and wind-down of two of the council's wholly owned housing development companies, Broadway Living (BL) and Broadway Living RP (BLRP). The committee was also due to approve the minutes from their previous meeting.

Closure and Wind-Down of Broadway Living and Broadway Living RP

The committee was scheduled to consider a report detailing the proposed closure and wind-down of Broadway Living Ltd (BL) and Broadway Living Registered Provider Ltd (BLRP). These companies were established to accelerate the delivery of affordable housing in Ealing. However, independent reviews by Campbell Tickell and Grant Thornton indicated that BL and BLRP are no longer financially sustainable due to rising construction costs, increased interest rates, and the insolvency of BLRP's main contractor.

The recommended approach, as outlined in the report by Peter George, Strategic Director of Economy & Sustainability, involves transferring all homes and assets of BLRP and BL directly into the council's ownership, specifically the Housing Revenue Account (HRA). This measure is intended to ensure no loss of affordable housing and to protect tenants' rights. Following these transfers, the companies would be wound up through a Members' Voluntary Liquidation (MVL).

The report recommended that the Shareholder Committee provide consent for:

• The transfer of the whole business of BLRP and BL to the council.
• The sale of all properties owned by BLRP to the council, at valuation.
• The sale of all properties owned by BL to either the council or a third party, at valuation.

It was also noted that a further report might be presented if shareholder resolutions are required to support the boards in making a solvency statement prior to the MVL. The committee was asked to grant delegated authority to the Strategic Director of Economy & Sustainability to make decisions on behalf of the shareholder during the wind-down process.

The report highlighted that this approach aims to safeguard affordable homes and tenants, retain strategic control over housing assets, and improve governance and efficiency by streamlining decision-making and reducing administrative overhead. The financial impact of this proposal includes a projected debt and equity write-off of £6.550m, with outstanding debt balances to be charged to the General Fund over 50 years. The report also detailed potential financial risks, including the repayment of GLA grants and the accrual of further capitalised interest depending on the timing of asset transfers.

Minutes of the Previous Meeting

The committee was also scheduled to approve the minutes from the Shareholder Committee meeting held on 11 March 2026. These minutes, available in the Public reports pack Wednesday 10-Jun-2026 17.00 Shareholder Committee.pdf, would have covered any discussions and resolutions from that prior meeting.