Issue - meetings

KD 5099 - Trading Company business plans

Meeting: 10/06/2020 - Cabinet (Item 5)

5 Trading Company business plans pdf icon PDF 195 KB

A report from the Director of Law and Governance is attached. (Report No.259 also refers, containing exempt information) (Key decision – reference number 5099)

(Report No.258)


Councillor Mary Maguire (Cabinet Member for Finance and Procurement) introduced the report of the Director of Law and Governance (No.258).




1.            That Report No.259 (containing exempt information) also referred as detailed in Minute No.11 below.


2.            That the Council’s trading companies operated according to forward business plans, which were fully refreshed for the 2019/20 financial year and were now due for one-year rolling update. This report provided updates on Housing Gateway Ltd. (HGL) and Energetik as detailed.


3.            HGL worked to a three-year business plan which had been updated to reflect the period 2020-23; including an update to include provision of an ethical lettings agency.


4.            The detailed information set out in the report on HGL’s strategic objectives; the development of an ethical lettings agency; the core portfolio expansion proposals; and information regarding finances and equity investment. The strategic objectives, as set out in section 3.5 of the report were aligned to the Council’s plan objectives and would provide a good contribution towards and, help to improve the overall housing offer for residents. In summary the objectives included: delivering increased housing supply to the Council with at least an additional 250 units by 2023; delivering savings to the council of £1m per year; and, delivering an innovative ethical estate agency which would also lead to a reduction in the use of temporary accommodation. Members were also reminded of the achievements of HGL to date in the provision of quality housing to Enfield’s residents and in the savings achieved for the Council.


5.            The benefits of establishing an ethical lettings agency, as set out in the report and business plan of HGL which would support the aims of the Council’s housing strategy. The agency would be able to offer longer term tenancies of up to five years that were not generally found in the private rented sector. It was hoped that the work of the agency would contribute to the prevention of homelessness in the Borough, as outlined in the report.


6.            That Cabinet had considered and approved the envelope for an investment of equity funding in HGL as part of the Capital Programme in March 2020, this was further detailed in Report No.259 (Minute No.11 below referred).


7.            The updates provided within the report on Energetik, sections 3.22 to 3.25 of the report referred, relating to the Meridian Water Energy Centre and the Heat Network Expansion. Further information was also provided in Report No.259, referred to in Minute No.11 below.


8.            That the construction of the Meridian Water energy centre, which would serve phase one of the Meridian Water development, was scheduled to begin in October 2020. Members were updated on the developments relating to the heat network expansion at three satellite networks in Ladderswood, New Avenue and Alma Road/Electric Quarter. There had been some delay in the completion of the projects due to the Covid 19 pandemic with contractors working at 50% capacity; with the projects at New Avenue and Alma now due for completion in  ...  view the full minutes text for item 5