Decision details

To consider a proposal on the group structure of a subsidiary housing company.

(a)  That it be agreed that officers build a business case and structure for two subsidiary housing companies: a) Herschel Homes, which will provide market rent properties and b) Slough Homes, which will provide homes which are affordable to local people and assist the Council better discharge its duties to homeless and other groups of people - these homes will be part of the assets  of the Companies  and their acquisition will be funded by the Council from the General Fund.

(b)  That it be noted that both Herschel Homes and Slough Homes will  be companies that are limited by shares with the Council being the sole shareholder.

(c)  That the Strategic Director Housing, Regeneration and Resources be given delegated authority to establish a project team to progress the realisation of the proposed company structures

(d)  That the list of ‘next steps’ as set out in section 5.33 of the report be noted.

(e)  That it be noted that an update report on Herschel Homes and Slough Homes will be presented to Cabinet by December 2016, which will be supported by a detailed business plan and indicative programme.