Westminster City Council has appointed Joe Smith as a new director to the board of Westminster Builds, the council's housing development company. The appointment, confirmed at a Shareholder Committee meeting on Tuesday, March 17, 2026, aims to ensure good governance and provide stability for the company's long-term delivery and sustainable growth.
Smith, who is the Senior Programme Manager, will serve as a Director for Westminster Housing Investments Limited (WHIL), Westminster Housing Developments Limited (WHDL), and Westminster Housing Provider Limited (WHPL). His role will involve working closely with the Council to help deliver the homes Westminster needs.
Westminster Builds' primary goal is to increase the delivery of affordable housing in Westminster. The company's current projects include the dissolution of the Luton Street LLP, preparation for the delivery of Ebury Phase 2 through WHDL, and the management of an expanding portfolio of intermediate rent homes. It continues to focus on an affordable rent model with a development arm ready to support the Council's housing delivery framework. Furthermore, Westminster Builds is preparing WHPL to achieve Registered Provider status and is supporting the Council's temporary accommodation acquisition strategy.
The company operates through WHIL and WHDL, receiving debt and shareholder support from the Council to facilitate planned business plan activity. The financial structure involves a mix of shareholder loans (quasi-equity at 0% interest) and senior debt (5.5% for acquisitions, 6% for developments). Development finance is repaid from project receipts, prioritising senior debt then shareholder loans. Acquisition loans are repaid pro-rata. Profits are retained by the company to fund future schemes, rather than being paid out as dividends.
Key financial metrics monitored include the Loan to Value (LTV) position and the Interest Cover Ratio (ICR). The performance of Westminster Builds is measured against KPIs detailed in its business plan, which outlines financial projections, capital expenditure plans, and risk management strategies. The business plan aims for a long-term viability with a target ICR of 1.2 for the management arm.
The appointment was confirmed in the Public reports pack for the Shareholder Committee meeting on 17th March 2026 [1].
[1] https://committees.westminster.gov.uk/documents/g7130/Public%20reports%20pack%2017th-Mar-2026%2015.00%20Shareholder%20Committee.pdf?T=10
