The Shareholder Committee of Westminster City Council met on Tuesday 17 March 2026 to review and approve business plans for key council-owned housing companies and to consider director appointments. The meeting saw the approval of the business plans for Westminster Builds and Westminster Community Homes, alongside the appointment of Joe Smith as a director for Westminster Builds' subsidiaries.

Westminster Builds Business Plan 2026/27

The committee reviewed and approved the business plan for Westminster Builds for the 2026/27 financial year. Joe Smith, Director of Westminster Builds, presented the plan, highlighting a period of transition and strengthening of the company's foundations. Key achievements for the past year included the completion of sales at Luton Street, allowing for the dissolution of the joint venture, and securing Cabinet approval for Ebury Phase 2 to be delivered through Westminster Housing Developments Limited (WHDL). The company's financial position was described as robust, despite a challenging economic climate.

Discussions focused on the company's long-term strategic aim of securing Registered Provider (RP) status for Westminster Housing Provider Limited (WHPL). Joe Smith explained that while the application is progressing, temporary mitigations have been put in place to protect against the loss of grants. The committee also discussed the rationale behind using Westminster Builds for the Ebury Phase 2 development, with Georgina Nash, a director, explaining that this approach allows costs and risks to be spread between the general fund and the Housing Revenue Account (HRA), preventing undue financial pressure on either. Concerns were raised about preparing the team for managing a growing portfolio, with assurances given that regular board meetings, pipeline reviews, and close collaboration with council teams are in place to anticipate and manage risks. The potential impact of the Renters' Rights Act 2026 was also discussed, with ongoing work to understand its implications on income thresholds.

Director Appointment for Westminster Builds

The committee considered and approved the appointment of Joe Smith as a Director for Westminster Housing Investments Limited (WHIL), Westminster Housing Developments Limited (WHDL), and Westminster Housing Provider Limited (WHPL). Zohaib Nizami, a director, stated that this appointment was necessary to maintain quorum and ensure continued good governance of the companies, with no negative financial implications.

Westminster Community Homes Business Plan 2026/27

The committee received and commented on the business plan, budget, and cash flow forecast for Westminster Community Homes (WCH) for 2026/27. Neil Tryner, CEO of WCH, explained that the budget approval was delayed due to a lack of access to information following a cyber incident. The P9 forecast for 2025/26 indicated a projected surplus of £370,000, with a proposed budget surplus of £420,000 for 2026/27. Overall cash flow remains positive.

Discussions included the completion timeline for the MOT Yard development, with Neil Tryner confirming that hoarding was in place and completion was anticipated in April, with a slight delay due to wet weather. The committee was informed that 60% of stock condition assessments had been completed, with ongoing work to gather data on the remaining 40%. Progress on reducing voids was highlighted, with re-let times improving and increased efforts in chasing references and conducting multi-person viewings. Elizabeth Roberts-Mills noted that the number of voids had reduced to three. The committee also discussed the contingency budget, which had been increased as a prudent measure following the cyber incident. Neil Tryner confirmed that the impact of rent convergence changes was expected to be minimal.

Councillor Rikin Tailor inquired about the reduction in the headline housing cost per unit, and Elizabeth Roberts-Mills explained that this was achieved through proactive analysis of the void standard, leading to reduced spending on property maintenance. Councillor Liza Begum sought reassurance that properties would not be disposed of to support the business plan. Neil Tryner clarified that this was a specific case and not a general policy, and that notices would not be served on sitting tenants solely for disposal purposes. The committee noted the business plan, pending final submission in July.