Branch Secretary :

Christmas redundancy shock at L&Q housing association



Workers at highly profitable housing association L&Q were shocked to be told of major restructuring and the threat of large-scale redundancies yesterday.


In recent months they have been congratulated for the efforts to keep the organisation going through the pandemic but now they will face restructuring and the threat of job losses.  The rumour among workers is that 20% cuts are in the pipeline. If this is untrue Unite calls on management to level with staff and to spell out the real position immediately.


CEO on £344,097 per year


While the Chief Executive makes his Christmas plans knowing that his £344,097 per year pay check is secure his workforce face an anxious festive season and the potential of a disastrous new year.


The organisation declared an annual surplus of £414 million in its last published accounts. It benefits from low interest rates and the search for a secure return in the current financial environment and only in October boasted of its most successful ever bond issue. The £250m bond was oversubscribed nearly three times over and L&Q achieved a spread of 140 basis points over gilts, the government cost of borrowing, giving a coupon payable at 2%.


Join Unite


Despite this staff were told that the rushed ‘consultation’ will proceed through the Christmas period so that redundancies can be completed by the end of the financial year. There is no justification for ramming these changes through and no rationale for redundancies.


Unite believes that L&Q bosses should fully consult both staff and residents. Unite stands ready to support workers effective an any action they wish to take. If work for a housing association and you are not in the union now is the time to join.  Follow this link today.


Housing associations continue to operate with healthy margins and large surpluses. There is no decline in the need for the services delivered by their workers, quite the opposite. Unite is committed to fight redundancies in housing.


Are you an L&Q resident rather than a worker? See SHAC, the campaign group involving housing association residents.


December 11th 2020


Paul Kershaw Chair Unite housing workers LE1111




Comments :

Just to be clear the CEO at L&Q actually received £352k (excluding pension contributions). He is leaving his post is being filled by nepotism an old cronies from the former GLC. Shocking!

By John F on 2021-01-20 17:37:43


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