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G15 landlords complete merger to create 104,000-home landlord
Peabody and Catalyst have completed their merger, which will see them form a new 104,000-home housing association.
Today, the two landlords revealed that they have fully completed their partnership, which will see them become the fourth biggest association in the country. They will now move to full integration by April 2023.
As part of the initial deal, Catalyst, which owns 37,000 homes, has become a subsidiary of Peabody. The new entity will cover London, Kent, Sussex and the Home Counties.
Following the announcement of merger discussions last year, the housing associations held a full resident consultation on their proposals.
After considering the feedback, both boards agreed to proceed, and the merger has now been approved after getting the relevant consents.
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The new organisation, which intends to take a local approach, is putting in place a new regional structure and locality model.
There will be six managing directors responsible for individual geographical locations and each will have overall responsibility for the delivery of services in that area.
The organisation has also committed to £11m of community investment every year.
Ian McDermott, former chief executive of Catalyst, became the boss of Peabody in October, taking over from Brendan Sarsfield, who stepped down after four years of leading the organisation.
Mr McDermott said customers “will be front and centre” of the new housing association.
He added: “Our increased scale will allow us to invest more in services, homes, technology and our people.
“We want to transform our services for the better, working with customers to create and design services that help them get things done easily and quickly.”
Mr McDermott said the focus will be on “getting the basics right”, such as its repairs service, and “fostering a people-first culture” throughout the organisation.
He added: “Equality, diversity and inclusion will be central to what we do, and we are planning an academy of talent, where colleagues and customers will be able to learn side by side.
“Customers need to be heard, and through meaningful involvement and local engagement we will make sure that they are.
“I know we’ll be judged not on our words, but on our actions and on the quality of what we do, which is absolutely right.
“We will learn and improve as we transition to the new operating model, and we are determined to make the most of this huge opportunity to make a positive impact and help people flourish and succeed in their lives.”
Lord Kerslake, chair of Peabody, said: “I am delighted to confirm that our two successful organisations have joined together.
“We have a lot of work to do. First and foremost, we will be smoothly integrating our organisations and putting our locality model in place, with a strong focus on improving our services and investing in our homes.”
