London: Boxwood's work with property group Grosvenor is turning a proud history into a bold new future.
2012 Change Management in the Private Sector winner
One of the most difficult tests for successful, long-established businesses is challenging established paradigms and ways of working. When you are attempting transformational change in a business with a three hundred year history of success, the challenge is enormous.
Grosvenor owns and manages some of the most sought after property in the world. Its flagship London Estate in Mayfair and Belgravia was, and remains, at the core of the business. But Grosvenor has built on its established reputation and enviable property portfolio to become a diversified global property leader.
However, as the business had grown and expanded, a number of issues had begun to limit the potential for further progress. Grosvenor recognised that if it was to continue to maintain and importantly, enhance the estate for future generations, a fundamental reinvention was required. The objective was a bold and challenging one — to transform a solid, secure business into a more dynamic organisation, and in the process deliver significantly better results for its customers, employees and shareholders.
Boxwood was engaged to help Grosvenor plan and implement the Fast Forward programme — a radical programme of change in the London Estate. In an organisation with a history of resisting change, the programme delivered immediate and lasting benefits.
Within the financial year:
- Annual profit increased well in excess of the budgeted £5 million target and is set to rise to a sustainable £15 million increase in future years.
- Capital return increased by £25 million.
- Customer advocacy increased by 10%. Challenging new opportunities were created for Grosvenor's people.
Boxwood's work exceeded expectations — and delivered exactly the step change Grosvenor had sought to achieve. Perhaps more importantly, the programme succeeded in building a new culture within Grosvenor, and the capability to continue to change, evolve and prosper.
"Boxwood has left a lasting legacy in the business. They have helped us deliver on our goals over the last year, but for me their key achievement was to engage the whole organisation in the necessary change and make it happen through our own people who came away with real ownership for the new ways of working. As a result there is increased capability, clarity and energy in the business, which gives me great confidence that we will continue to achieve our stretching financial, customer and people targets over the coming years," commented Peter Vernon, Chief Executive, Grosvenor Britain & Ireland.