There are no changes planned in the immediate term and the top priority is to continue to focus relentlessly on our customers and service delivery. In the first half of 2025 we will gradually start to bring the businesses together and continue that through the year. All stakeholders will be kept fully informed as plans are developed. We will not rush any changes and will always prioritise service quality to our customers.

All key people in Axis (including Tim Hayes and Joe Ibrahim) and CLC will remain and continue in their current roles. The priority is to continue to focus on customers and service delivery.

All 4 Axis board directors will be investors in the new Group, alongside CLC management, and will play a key role in the future development of the group.

John will be the second largest shareholder in the group and is making a significant investment. John will step down as Axis CEO later in the year and will become a non-executive director on the Group board. He will continue to play a pivotal role in terms of customer relationships and the merger.

Richard Morris, the recently appointed CEO of CLC, will become the CEO for the group.

There is a strong fit geographically – for example Axis has a large presence in Greater London and Central London, (the biggest market in the UK for social housing), which CLC does not, and CLC has coverage in many areas where Axis does not operate, (e.g. Southwest, South Coast, Yorkshire, Northeast, East of England). Axis has deep long-term relationships with many of the largest social housing landlords, including the delivery of responsive repairs services. In addition to social housing, CLC has significant presence in healthcare, defence and education, and hospitality sectors.

The goal is to create a national market leader in a very large and growing industry. As we take advantage of growth opportunities, colleagues will get chances to learn and do new things, grow their career, and be part of an exciting journey. Both businesses have a proud record of giving people long-term careers, with many colleagues having spent their entire careers with either Axis or CLC. The group will remain committed to this. And continue to support the development of its people and giving them the chance to fulfil their potential.

It is business as usual - there will be no changes to how either Axis or CLC delivers its services to clients. All client facing teams and personnel will remain the same.

The senior management of Axis and CLC will be happy to meet with or speak to any customer contact who wishes to ask further questions and get more information about the merger.