Waltham Forest Council's Shareholder Committee has approved the business plan for Evolve Norse for the 2026/27 financial year. The committee met on Tuesday, July 14, 2026, to review the company's strategic objectives and financial performance.
Evolve Norse, a joint venture established in April 2022 between Waltham Forest Council and the Norse Group, received approval for its 2026/27 business plan. The company, which provides property services and built environment expertise, reported no financial losses for the 2025/26 financial year and generated £27,000 in rental income for the council. Its performance in the previous year focused on supporting the council's Capital Investment Strategy.
The company offers a range of property consultancy services to the council, including project management, building surveying, quantity surveying, mechanical and electrical engineering, architectural design, energy and sustainability advice, and employer's agent services. Evolve Norse also provides a pre-procured route to external professional services when needed.
Key projects delivered under the previous year's strategy included a £2.0 million schools' capital repairs programme and the progression of the new crematorium project in Chingford. Planning permission has been obtained for the crematorium, and it is now progressing towards the start on site, with Evolve Norse leading its design.
The approved business plan for 2026/27 forecasts a net operating profit of £286,000. Waltham Forest Council retains a 20% share in the Evolve Norse joint venture and benefits from 50% of any annual gross financial surplus generated, while the Norse Group absorbs any operating losses.
Evolve Norse is integral to the council's strategic objectives, supporting capital investment. However, a key risk identified in the 2026/27 business plan is the council's reliance on its capital programme. Challenges to local government finances, increasing construction costs, and higher borrowing costs have led the council to actively contract its capital programme, posing a risk to Evolve Norse's commercial success. The Norse Group views this as a national issue affecting many of its joint ventures.
The Shareholder Committee's approval ensures the company can proceed with its planned activities for the upcoming financial year. Further details can be found in the Public reports pack for the meeting. The Decisions made by the committee are also available.
