The Shareholder Committee met to discuss updates from More Homes Waltham Forest and Waltham Forest Services Ltd. The committee noted the contents of the More Homes Waltham Forest Joint Venture Update report, and also noted the performance of Waltham Forest Services Ltd against its 2025/26 business plan, including the launch of the Warm Homes Grant and its work supporting housing services.

Waltham Forest Services Ltd. Performance Update

The committee noted the performance of Waltham Forest Services Ltd (WFSL) against its 2025/26 business plan. They also noted the launch of the Warm Homes Grant, supported by the company’s new arm Kanopiworks, and the work being carried out for Housing, supporting across problem areas with existing contracts.

The report noted that Waltham Forest Services Ltd (trading as Servicestore) was established to deliver financial returns for the council, provide social value through trusted services, and act as an alternative supplier of services to the council.

The board of Waltham Forest Services Ltd is structured to ensure it is an independent entity, comprising a mix of non-council directors and council officers. According to the Waltham Forest Services Ltd Performance Update, the board includes:

• A non-executive director (NED) specialist as chair
• A NED specialist
• The Managing Director
• A council officer as Vice Chair
• A council officer as legal specialist
• Two further council officers
• A Company Secretary

The report highlighted several ways in which Waltham Forest Services Ltd contributes to the council's strategic priorities:

• Financial Performance: The company forecasts a 12% return on investment to the council this year, up from 9% last year.
• Social Value: Over 60% of staff live locally, and the company operates a proactive apprenticeship programme.
• Climate Emergency & Retrofit: Waltham Forest Services Ltd has developed Kanopiworks, a business element focused on reducing energy costs and carbon impact for residents.
• Housing: The company has been supporting LBWF housing by inspecting, clearing, and improving properties, at a lower cost and more quickly than existing suppliers.

The report also noted that Waltham Forest Services Ltd has an excellent reputation amongst residents in the borough with a Trustpilot score of excellent.

An Equalities Analysis screening was completed, and no negative or adverse impacts were identified.

More Homes Waltham Forest Joint Venture Update

The committee noted the contents of the More Homes Waltham Forest Joint Venture Update report.

More Homes Waltham Forest is a joint venture (JV) between the council and Mears Group PLC, a housing solutions provider. The JV aims to reduce homelessness by providing long-term homes to rent to eligible households, enabling them to move out of temporary accommodation¹. The JV raised funds via a bond issued to the BAE Systems Pension Fund and used the funds to acquire 330 homes, which are let to homeless households nominated by the council. Mears' housing management subsidiary, Plexus, a Registered Provider, provides housing management, repairs and maintenance services. The contractual term of the JV is 40 years, from August 2018 to August 2058.

The report noted that the JV had a challenging first half of the year in terms of rent collection due to the April 2024 rent increase and the cost of living crisis, which led to an increase in tenant arrears. However, this improved in the second half of the year, and the JV reported a strong set of financials for 2024-25 with a total of £3,201,438 rent collected (a collection rate of 96.7%).

The council is required to top-up the rent charged to tenants by £25 per week for each of the JV dwellings occupied and pay the full rent during periods when properties are void. The net cost avoided/saving to the council for 2024/25 was approximately £3.981m, a significant increase on the net cost avoided/saving of £2.180m in 2023/24.

Performance is monitored using a number of Key Performance Indicators (KPIs)[^1], covering areas including repairs, void management and rent collection. Overall, performance in 2024/25 has been positive, with 100% of emergency repairs completed within 24 hours, 100% of routine repairs completed within 28 days, and 88% overall tenant satisfaction with service delivered.