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The thinking behind Jigsaw
Adactus and New Charter have merged to become 33,000-home Jigsaw Homes Group. Chief executive Hilary Roberts explains the reasons behind the move.
It may seem to many that Adactus and New Charter are strange bedfellows.
Adactus with its traditional housing association roots has stock spread across the North West. New Charter on the other hand, is a stock transfer group based mainly in Tameside and the East Midlands.
However, it was our similarities that brought us together.
Both had business plan objectives for a step change in growth, and both were looking for a partner.
“Our similarities are around an emphasis on people”
When we met, the senior team gelled instantly.
We found our similarities are around an emphasis on people – employees and residents.
Adactus had just been named by the Sunday Times as the ninth-best company to work for, and New Charter had gained sixth place a few years ago, which gave both parties confidence in the other.
Both recognise that our role extends beyond general needs housing and beyond bricks and mortar; a culture review identified both shared a focus on neighbourhoods and sustainability of tenancies, offering a wide range of support services. So early talks went well because we were talking with like-minded people.
However, it was our differences, and what we could offer each other, which really sold the merger to the boards.
New Charter has a successful record of leveraging investment from external sources to fund projects to increase employment and support for people with complicated issues.
“It was our differences, and what we could offer each other, which really sold the merger to the boards”
A total of 200 employees work to break down barriers and provide interventions as well as support people to live independently and improve their health and well-being.
The Adactus board was interested in an expansion of this approach in their area of operation. For the New Charter board, the track record demonstrated by Adactus on efficiency, enabling significant investment in new homes was particularly attractive.
Despite involvement in rural, inner city and supported housing, Adactus has the 12th lowest costs per unit in the country and has built 800 homes in the past financial year.
In particular, the New Charter board was impressed by the efficiencies generated through embracing technology and the use of data.
Coming together to form Jigsaw offers efficiencies in the future, which we can reinvest in communities and in more homes.
“Jigsaw will be able to borrow an additional £150m through refinancing in the medium term”
As both organisations are successful, there is no need to rush into changes, and so we have set ourselves two years to integrate the businesses fully – taking our time to consider the best ways of working.
Our business case identifies savings of £10m per year within five years. In addition, Jigsaw will be able to borrow an additional £150m through refinancing in the medium term.
The merger has taken 18 months, and this has given time to employees from across the organisation to begin working together, looking at different practices and getting to know each other.
So mutual respect and trust are already there. I would much rather our employees build Jigsaw rather than hiring consultants, or forming specialist teams.
The people carrying out our day-to-day work are ideally placed to see the best way forward.
“I would much rather our employees build Jigsaw rather than hiring consultants, or forming specialist teams.”
We have launched Jigsaw Rewards already, an innovative on-line scheme that allows residents to collect points in exchange for feedback on services and plans for the future – only the first step in ensuring our services are focused on the needs of our residents.
Jigsaw employees will deliver more than 20 projects in the next 18 months. Highlights include a data-led approach to neighbourhood investment and the launch of Jigsaw Foundation to target our social investment. During the next three years we will deliver more than 2,700 new homes.
Hilary Roberts, chief executive, Jigsaw Homes Group
