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Decision details

TRADING COMPANY UPDATE - PART 1

Decision Maker: Cabinet Sub-Committee (Local Authority Trading Companies' Shareholder)

Decision status: Recommendations Approved

Is Key decision?: No

Is subject to call in?: No

Decision:

RESOLVED: That the Cabinet Sub-Committee (Local Authority Trading Companies Shareholder):

 

(1)   Approved the updated financial projections of the business case and commence trading of Broadwater Hundred Property Management Limited and Broadwater Hundred Limited.

 

(2)   Delegated authority to the Service Director – Resources (as Client Lead Officer for the Company), in consultation with the Chair of this Committee to:

 

·       Agree a loan and a loan amount that will be loaned to either Broadwater Hundred Ltd or Broadwater Hundred Property Management Limited by the Council.

·       If required, agree an onward loan to Broadwater Hundred Property Management Limited.

·       Agree that the loans will be governed through a loan agreement, which may give flexibility to each Company to draw-down funds as they are required.

 

REASON FOR DECISIONS: To enable the Council companies to trade and provide more commercial opportunities which will benefit the Council.

Publication date: 20/03/2024

Date of decision: 19/03/2024

Decided at meeting: 19/03/2024 - Cabinet Sub-Committee (Local Authority Trading Companies' Shareholder)

Accompanying Documents: