Agenda item

This report provides Cabinet with a final draft of the i4B Holdings Ltd (i4B) 2025/26 Business Plan and revised Service Level Agreement with the Council.

Cabinet is asked to approve the Business Plan and Service Level Agreement on behalf of the Council as Shareholder of i4B Holdings.

Cabinet noted the introductory comments made by Andrew Hudson (as Chair of the i4B and First Wave Housing (FWH) Ltd Boards) in presenting the i4B and FWH Business Plans and strategic priorities for both companies.

In focussing on key areas of activity moving forward he highlighted the work being undertaken to improve voids performance (including minor voids) as well as to monitor and improve results relating to tenant satisfaction measures to achieve sustainable levels of performance including implementation of a supporting Improvement Plan to deliver changes designed to enhance tenant experience.

In terms of strategic challenges, he advised members that they key focus remained in seeking to maximise the Boards contribution to the Council’s wider priorities, with a specific focus in supporting the work being undertaken to tackle the demand for housing and increasing levels of homelessness.  In noting the success of the acquisitions programme during 2024-25 the Board had continued to identify workstreams over the coming year aiming to increase i4Bs level of stock although, given the more challenging nature of market conditions, members were advised this was likely to involve a range of wider options and overall reduction in the level of acquisitions acheived.  Details were also provided in relation to the work being taken to address asset management and energy efficiency as well as wider support to tenants, including in being able to live more independently.

In recognising the challenges outlined alongside current performance and welcoming the approach adopted in relation to the strategic priorities identified by i4B, Cabinet RESOLVED:

(1)      To approve the 2025-26 i4B Holdings Ltd Business Plan and financial model as Shareholder of the Company.

(2)      To approvethe 2025-26 Service Level Agreement between i4B Holdings Ltd and the Council.

Eligible for call-in: Yes

Deadline for submission of call-in: 6pm on Monday 17 March 25

Councillor Donnelly-Jackson (as Cabinet Member for Housing & Resident Services) introduced a report detailing the final draft of the i4B Holdings Ltd 2025-26 Business Plan and revised Service Level Agreement for consideration and approval on behalf the Council Shareholder.

In presenting the report, Councillor Donnelly-Jackson advised that the Business Plan had been designed to set out i4Bs key priorities and strategy for the 2025-26 financial year in support of its key objectives and the Council’s wider commitment towards tackling the housing crisis, reducing homelessness and ensuing that all residents in Brent had access to safe, secure and affordable housing.  Highlighting the significant nature of challenges faced in relation to the affordability and availability of accommodation within the private rented sector, ability of the Local Housing Allowance to keep pace with rental levels and associated level of demand and cost in providing Temporary Accommodation (currently being provided for over 3,000 families in Brent) the creation and operation of i4B Holdings Ltd was identified as a fundamental element of Brent’s overall Housing Strategy.  As a wholly owned subsidiary, members were advised of the advantage provided through i4B in enabling the Council to directly intervene in the housing market by securing stable, high quality rented accommodation at below market rates with the company, since its establishment in 2016, having acquired 469 private rented sector homes providing stable and secure accommodation and diverting families away from the need to rely on the offer of more expensive and unsuitable temporary accommodation.

In recognising the positive and tangible achievements delivered by i4B over the last year members were advised of the four key objectives outlined within the Business Plan for the year ahead, which had been identified as:

·             The provision of a consistently good housing service – recognising the need to improve tenant satisfaction, with i4B committed to the delivery of better engagement, monitoring and provision of financial support for tenants to ensure they could afford and sustain their tenancies.

·             The delivery of safe and sustainable homes – with i4B working towards improving the energy ratings of all of their properties by 2030 in order to enhance energy efficiency and reduce household bills.

·             Running a viable business – with i4B continuing to operate on a strong financial footing and a focus over the coming year in achieving a further reduction in void times, improving rent collection and obtaining best value from service level agreements.

·             Increasing the supply of affordable housing – recognising the growing level of housing need in Brent with i4B continuing to work with the council to identify and appraise new acquisitions and ensure that the funding invested achieved maximum impact in easing housing pressures.

In recognising the extent of the current housing emergency and what was felt to be the failure of the previous Government to address the issues identified, the approach outlined within Brent’s Housing Strategy supported through the i4B Business Plan was therefore commended as a means of delivering real solutions that would ensure residents continued to have access to decent, affordable and secure homes.

Having thanked Councillor Donnelly-Jackson for introducing the report, Councillor Muhammed Butt (as Leader of the Council) then welcomed Andrew Hudson (as Chair of both the i4B Holdings Ltd and First Wave Housing Ltd Boards) to the meeting and invited him to introduce the key themes and strategic priorities within the 2025-26 Business Plans for both companies.

In presenting the Business Plans, Andrew Hudson began by focussing on the key areas of activity identified by each Board looking forward, highlighting the work being undertaken to improve voids performance (including minor voids) as well as to monitor and improve results relating to tenant satisfaction measures including implementation of a supporting Improvement Plan to deliver changes designed to enhance the tenant experience.

In terms of strategic challenges, he advised members that they key focus remained in seeking to maximise the Boards contribution to the Council’s wider priorities, with a specific focus in supporting the work being undertaken to tackle the demand for housing and increasing levels of homelessness.  In noting the success of the acquisitions programme during 2024-25 the Board had continued to identify workstreams over the coming year aiming to increase i4Bs level of stock although, given the more challenging nature of market conditions, members were advised this was likely to involve a range of wider options and overall reduction in the level of acquisitions achieved.  Details were also provided in relation to the work being undertaken to address asset management and energy efficiency as well as wider support to tenants, including support for more independent living.

In considering the report, Cabinet noted and welcomed the work being undertaken through the company to increase the supply of good quality affordable housing and support tenants, aligned with the Council’s strategic objectives in terms of seeking to address homelessness and reduce reliance on more expensive Temporary Accommodation.  The Board were thanked for their work and support in this respect, given the current challenges in relation to viability of the current housing market and the positive impact for those families in housing need, especially those with children & young people, being offered accommodation as a result.

Having noting the update provided within the report in relation to operational performance, Cabinet also welcomed the ongoing focussed by the Board in seeking to address the key operational issues identified in relation to voids and non-urgent routine repairs along with the efforts being made to actively support and engage with those tenants on measures designed to support their financial resilience, promote more independent living and sustain tenancies over the longer term.

Having thanked Andrew Hudson for his comments and presentation of the Business Plan and expressed support for the direction and approach adopted in relation to the strategic priorities identified by i4B, Cabinet RESOLVED having noted the exempt information contained within the appendices of the report:

(1)    To approve the 2025-26 i4B Holdings Ltd Business Plan and financial model as Shareholder of the Company.

(2)    To approvethe 2025-26 Service Level Agreement between i4B Holdings Ltd and the Council.