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Peabody Capital No 2 (41LI)

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Thursday 30 September, 2021

Peabody Capital No 2

Peabody and Catalyst confirm merger next Spring

RNS Number : 4652N
Peabody Capital No 2 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 £11m 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 [email protected]  

 

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 £900m

· 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 £11 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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