Waltham Forest Services Ltd (WFSL), the council's housing company, is forecasting a 12% return on investment to the council this year, up from 9% last year. The Shareholder Committee heard the news at its meeting on Tuesday 7 October 2025.

WFSL, trading as Servicestore, was established to deliver financial returns for the council, provide social value through trusted services, and act as an alternative supplier of services to the council.

The Waltham Forest Services Ltd Performance Update notes that the company's business plan forecasts a growth in net profit over a 5-year period, despite global price increases and supply chain delays, with a forecast to deliver a net profit (before tax) in 2025/26, as detailed in Appendix 1 of the report.

The committee met to discuss updates from More Homes Waltham Forest and Waltham Forest Services Ltd. According to the Waltham Forest Services Ltd Performance Update, the board of Waltham Forest Services Ltd is structured to ensure it is an independent entity, comprising a mix of non-council directors and council officers.

The report highlighted several ways in which Waltham Forest Services Ltd contributes to the council's strategic priorities:

  • Financial Performance: The company forecasts a 12% return on investment to the council this year, up from 9% last year.
  • Social Value: Over 60% of staff live locally, and the company operates a proactive apprenticeship programme.
  • Climate Emergency & Retrofit: Waltham Forest Services Ltd has developed Kanopiworks, a business element focused on reducing energy costs and carbon impact for residents.
  • Housing: The company has been supporting LBWF housing by inspecting, clearing, and improving properties, at a lower cost and more quickly than existing suppliers. WFSL is focusing on voids to ensure properties are available to residents.

The committee also noted the launch of the Warm Homes Grant, supported by the company’s new arm Kanopiworks, and the work being carried out for Housing, supporting across problem areas with existing contracts.

According to the Waltham Forest Services Ltd Performance Update, the board includes:

  • A non-executive director (NED) specialist as chair
  • A NED specialist
  • The Managing Director
  • A council officer as Vice Chair
  • A council officer as legal specialist
  • Two further council officers
  • A Company Secretary

The report also noted that Servicestore has an excellent reputation amongst residents in the borough with a Trustpilot score of excellent.

An Equalities Analysis screening was completed, and no negative or adverse impacts were identified. The EA Screening document considered equality aims (eliminate unlawful discrimination; advance equality of opportunity; foster good relations) and assessed potential impacts on protected groups. The screening concluded there were no negative impacts because the business plan renewal has no adverse implications for any protected groups.