Family Mosaic has agreed to merge with another housing association called Peabody. The new single housing association and all subsidiaries would still be called Peabody and, on completion of the merger, would provide 55,000 homes to residents across London and the South East.
If you are a resident of Family Mosaic or Peabody or any of their subsidiaries, your landlord, tenancy or lease agreements would not change as a result of the merger. There would also be no changes to your rights and responsibilities or the way your rent is set.
Why is this happening?
Family Mosaic and Peabody fit well together. Family Mosaic has around 26,000 homes for rent (including affordable) in London and the South East. We also provide services to around 8,000 people who need extra support. By comparison, whilst Peabody have over 29,000 homes across London and also offer additional support services as well as an extensive range of community programmes.
The boards of Family Mosaic and Peabody both believe that a merger would enable the two organisations to make improvements and add more services, providing better value for money to residents and other stakeholders. The larger group would also have better resources to build more homes and provide local community services, including helping more people into work through training, apprenticeships and volunteering.
Leadership of the new group
Our Chief Executive, Brendan Sarsfield would become the Chief Executive. Stephen Howlett, who has been Chief Executive of Peabody for over 12 years, had already decided that now is the appropriate time to retire after completing 42 years in the housing association world. He will stay in post until the merger is legally complete. Current Peabody Chair, Lord Kerslake, would be Chair of the new combined organisation while , Ian Peters, Chair of Family Mosaic, would take up the post of Vice Chair.
In a joint statement, Lord Kerslake and Ian Peters said:
“The new group would build on the track record, capabilities and shared values of Peabody and Family Mosaic to create a truly distinctive organisation. Our combined scale and London focus would enable us to do more together than we could achieve alone.” You can read their full statement here.
What happens next?
The formal merger is expected to complete around July 2017 but there is a lot of work yet to do and we will continue to post regular updates about our progress on this website. In the meantime, the board of each organisation is particularly keen to hear what residents think before deciding whether or not to formally complete the merger.
We are very keen to listen to your views about the proposed merger and about the future priorities for services and changes should the merger go ahead. Collectively, our 111,000 residents would provide a powerful voice and we hope to be able to use that voice, not only to help shape our own services, but, over time, also to influence policy on key issues. From today until Friday 3 February 2017, this is your opportunity to comment and to tell us what you think about the proposal. Each organisation’s Board will take the views of their residents into account when deciding whether or not to formally complete the merger.
You are invited to contact us by email or post:
- By email: email@example.com
- By post: Company Secretary, Albion House, 20 Queen Elizabeth Street, London SE1 2RJ
We will be contacting residents groups to encourage them to discuss the proposal and give us their feedback too.
There is a lot of work to do to get ready for the merger and to shape the new organisation. We’ll now be going through a health check process where we look closely at how we each run our existing operations before making the final decision. We do not have a firm date for when this process would be completed but it is likely to be around July 2017.