Full Brick by Brick statement
“Brick by Brick was set up to deliver beautifully designed high-quality homes that are accessible for local people. We are delivering on that mission and have now completed a range of developments providing homes of different tenures including private sale, shared ownership and affordable/social rent.
“Croydon council, our sole shareholder, is in discussions with government and others about its finances in order to ensure it can meet future spend commitments following the coronavirus crisis. These discussions include a review of debt levels within the council, and how this debt is invested in subsidiary companies such as Brick by Brick and other property interests. Croydon isn’t the only council in the country to be struggling in this way at this time.
“We are working very closely with the council on these matters, but it should be noted that Brick by Brick itself is in good financial health and has strong revenue forecasts for the current financial year. We are now entering a new and important phase where the proceeds from sales of our homes provide a significant financial return to the council which can be spent on frontline services, benefitting the people of Croydon. This clearly demonstrates the success of the Brick By Brick model.”
“With a pipeline of over 1,000 homes under development and nearly 700 more in planning, we look forward to playing an increasing role in the supply of new homes throughout the borough as we continue to build on our successful programme of residential development. We are now ideally placed to deliver on our mission to provide well-designed, accessible and affordable homes for local people, with profits returned to the council to be reinvested locally.”