1. Paul Hackett, Chief Executive, Optivo
Kent Housing Group
Optivo merger
Paul Hackett, Chief Executive, Optivo

2. Rational for merger December 2012 AmicusHorizon debt per home
Viridian failed merger
Scale ‘Patchless’ and DLO
Build more homes
Prove – you can be big AND resident focused
Influence

3. Partner selection Desk-top analysis 90%+ resident satisfaction
Geography
Balance sheet
AmicusHorizon £1k better for housing management
Viridian £1k better for R&M
First conversation May 2015

4. What it meant for the business?
Three years of disruption
Refinance £600m and issued further £575m debt
Staffing restructure
Risk
Huge prize:
£3.5 billion investment over 10 years
15,000 homes over 10 years
5,000 extra homes over 10 years
£10m merger savings

5. What it meant for the business?
‘Sell’ to colleagues:
Growth = best way to improve cost p.u.
Growth = more interesting place to work
Growth = more influence
Growth = career opportunities
In Kent:
More development
Bigger back office
Employment and training programmes
Improved NPS
More residents on-line
Housing starts doubled

6. Were objectives met?
Target
Results
Target
OBJECTIVE 1: Provide sector leading service
Resident recommend Optivo - NPS 66 50
Residents on-line
42.9%
40%
OBJECTIVE 2: Value our people
Staff say Optivo is a great employer
75.6%
70%
Staff say they are proud to work for Optivo
84.3%
OBJECTIVE 3: Maximise our social impact
Number of people into jobs and training
1,045
870
New homes started
912
880
OBJECTIVE 4: Ensure a sustainable business
SHIFT Gold by 2020
On- track
On-track
Operating margin
31%
29%
Strategic Partnership with GLA £145.7m for 3,600 homes
Strategic Partnership with HE
Much bigger ‘Social Impact’ offer
‘Patchless/mobile’ technology roll-out
DLO rolled out to 22,000 homes

7. Lessons learnt Pace Due diligence Consult widely
Right people in right posts
Integrate systems quickly – but with an eye on transformation
Take people on the journey (residents, colleagues and NEDs)
It’s definitely worth it!