Governance
A board in place before a single home is acquired
A registered provider is accountable to its residents and to the Regulator of Social Housing regardless of who owns it. We are building the structure to carry that accountability from the first transaction rather than retrofitting it once we have scale.
Our structure
Our registered provider
Crescom Capital's homes are owned by Nestily Homes, a for-profit registered provider of social housing, registration number 4777.
Nestily Homes is the regulated landlord
It owns the freehold of every home and carries no external debt. The economic interest in those homes sits with long-term institutional investors; but the regulatory duties do not travel with it and cannot be contracted away.
Being registered means Nestily is subject to the regulator's standards in full, the Governance and Financial Viability Standard, the consumer standards, and periodic in-depth assessment, and its residents have access to the Housing Ombudsman. It also lets Nestily do things an ordinary buyer cannot: hold Section 106 affordable homes at scale, charge rents set under the Government's rent standards rather than the market, and apply for grant funding from Homes England.
Two Boards
Crescom Capital is governed by its own board: Mike Adams, co-founder and Chief Executive; Burak Varisli co-founder and Chief Investment Officer; and Adrian Halls, non-executive director.
Nestily has its own separate independent board, responsible for the provider's compliance with the regulatory standards and its duties to residents. That board is being constituted now. It will comprise a minimum of three independent non-executive directors with social housing sector expertise, with a full conflicts policy and an audit committee, and it will be in place before our first transaction.
The appointments have been identified from senior social housing, regulatory and institutional backgrounds.
Ownership
Crescom Capital is owned by its founders, Leo Lion Limited, and by the Leo Lion Foundation.
The Foundation owns ten per cent. It is an independent charity, established in 2006, with its own trustees and its own charitable purposes, and it holds its shares on the same terms as every other shareholder. Crescom has no role in deciding how the Foundation spends its money, and the Foundation has no role in running Crescom. The reason the shareholding exists is straightforward: a proportion of whatever this business earns goes somewhere other than its investors, permanently, by structure rather than by policy.
Leo Lion Limited is the private investment vehcile of Larry Sullivan, founder of COINS.
Standards, complaints and policies
Nestily is subject to the consumer standards in full. Day-to-day management is delivered through our partnership with Centrick, but accountability is not delegated: Nestily remains the landlord and remains answerable to its residents and to the regulator, whoever answers the phone.
How we manage homes
Nestily's adopted policies will be published : complaints, safeguarding, damp and mould, health and safety, whistleblowing, modern slavery, anti-bribery.
Connecting Capital
Unlocking Homes