Agenda item

Appendix A to the report is exempt from publication as it contains commercially confidential information (exempt under paragraph 3, Part 1, Schedule 12A of the Local Government Act 1972 (as amended)).

The Cabinet Member for Finance, Performance and Core Services introduced a report on the Reside Business Plan for 2021-26.

The Cabinet Member advised that the next five years would see a significant growth in the number of homes to be managed by Reside, with current projections suggesting that the property portfolio would grow from just over 1,000 properties to 3,500 by 2026.  It was essential, therefore, to scale up operations to enable the successful delivery of affordable homes for local people and he felt that the Business Plan represented a robust and fit-for-purpose document to deliver those outcomes.  He stressed, however, that the Business Plan had been developed at a time when the full, long term impacts of COVID-19 were largely unknown and it was possible, therefore, that the Company’s ability to deliver certain outcomes could be impacted as a result.  With that in mind, it was noted that performance against the Business Plan would be closely monitored through the Shareholder Panel.

Cabinet resolved to:

(i)  Approve the Barking and Dagenham Reside Regeneration Ltd (Co No (09512728) Business Plan 2021-26 at Appendix A to the report, subject to the conditions set out below; and

(ii)  Authorise the Council’s Managing Director, in consultation with the Shareholder Panel, to:

(a)  approve the final detailed operational model and any costs associated with delivering the Property Management functions and any associated legal or contractual documentation.

(b)  approve the strategy for reviewing and updating the Reside Group structure to ensure it is in the best possible position to achieve its strategic outcomes and to fulfil its legal obligations. 

(c)  take all necessary action to enable Reside to carry out its proposals under the Business Plan and to agree any variations to the business plan or shareholder agreement and enter any agreements or warranties necessary.

(d)  take all necessary action to wind up or otherwise repurpose any companies in the structure on behalf of the Council as shareholder and apply for all necessary consents to do so.