The Shareholder Committee of Waltham Forest Council was scheduled to review the performance of Evolve Norse, a joint venture company. The meeting's agenda included a review of the company's mid-year delivery achievements and financial performance for the 2025/26 financial year.

Evolve Norse: 2025/26 Company Performance Review

The committee was scheduled to receive an update on Evolve Norse Ltd, a property services and built environment joint venture between Waltham Forest Council and the Norse Group. This joint venture was established in 2007 as NPS London Ltd and rebranded as Evolve Norse in April 2022. The report was set to detail the company's mid-year delivery achievements and financial performance against its annual business plan objectives for the period of April to September 2025.

The report was expected to outline Evolve Norse's progress in supporting the council's Capital Investment Strategy, with a focus on the schools maintenance, compliance, and capital works programme, which involves over £49 million in investment between 2025/26 and 2029/30. It was also scheduled to cover the company's efforts to provide high-quality delivery outcomes for the council through continuous review of business processes and client management, as well as the review and refinement of its operating model.

Furthermore, the discussion was anticipated to cover Evolve Norse's objective to deliver a commercially successful business while providing value-for-money services. This included building relationships with local supply chains and exploring new commercial opportunities outside the council to generate income streams.

Financially, the report was expected to detail Evolve Norse's performance, including a net operating loss of £21,000 for the period of April to September 2025. Projections for the remainder of the financial year were also to be presented, forecasting a net operating profit of £11,000 for 2025/26, alongside associated risks. The report highlighted that any financial operating loss made by the company is absorbed by the Norse Group, not the council.

The committee was recommended to note Evolve Norse's delivery against its business plan, its financial performance for the first half of the year, and the financial projections for the rest of the year, including any associated risks.

The report also touched upon the council's Capital Investment Strategy and the alignment of Evolve Norse's work with Mission Waltham Forest . It noted that Evolve Norse is a key delivery agent for the council's schools capital delivery programme. The report also mentioned the legal framework governing the joint venture, specifically referencing Schedule 2 of the Procurement Act 2023, which allows for direct contract awards without competition under certain conditions. The council's intention to extend the joint venture agreement from 2027 to 2032 was also mentioned.

In terms of sustainability, Evolve Norse had reportedly achieved a 48% reduction in carbon usage in the 24/25 year, attributed to strategic actions such as office relocation and hybrid working policies. The company's commitment to promoting equality of access to opportunities from the council's capital investment plans was also stated, adhering to the Council's Public Sector Equality Duty.

Minutes of the Previous Meeting

The committee was also scheduled to approve the minutes of the previous meeting held on 7 October 2025. The minutes from that meeting indicated that the committee had previously noted updates on the More Homes Waltham Forest joint venture and the performance of Waltham Forest Services Ltd.