Issue - meetings

Trading Company Update

 

 

Meeting: 24/11/2021 - Cabinet Sub-Committee (Local Authority Trading Companies' Shareholder) (Item 21)

21 TRADING COMPANY UPDATE pdf icon PDF 316 KB

The purpose of this report is to provide the Cabinet Sub Committee (Local Authority Trading Companies’ Shareholder) an update on the progress that has been made and to seek approval to commence trading of the holding company and to the establishment of a subsidiary company that will let Harkness Court.

Decision:

RESOLVED:

 

(1)       To approve the business case and agree to commence trading of the holding company (Broadwater Hundred Limited) and the incorporation and trading of a subsidiary company for the purpose of letting out Harkness Court

 

(2)       To provide delegated authority to the Service Director – Commercial and Service Director – Legal and Community to agree the final company documents (prior to any necessary company approval) and in consultation with the Executive Member for Enterprise, the Arts and Transport to nominate the Directors for the companies.

 

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

 

 

Minutes:

N.B This item was considered after the Part 2 item of the same title.

 

The Service Director – Commercial presented the report entitled Trading Company Update along with the appendices and advised that this report provided a general overview to complement the more detailed business case presented in the Part 2 report.

 

Councillor Sam Collins noted that he was keen to support the recommendations as they would provide the necessary vehicle for the Commercial team to begin projects that would be of benefit to the community.

 

Councillor Ian Albert proposed an amendment to the recommendations as follows: to add “in consultation with the Executive Member for Enterprise, the Arts and Transport” before “to nominate..”. The amendment was accepted.

 

On the vote it was:

 

RESOLVED:

 

(1)       To approve the business case and agree to commence trading of the holding company (Broadwater Hundred Limited) and the incorporation and trading of a subsidiary company for the purpose of letting out Harkness Court

 

(2)       To provide delegated authority to the Service Director – Commercial and Service Director – Legal and Community to agree the final company documents (prior to any necessary company approval) and in consultation with the Executive Member for Enterprise, the Arts and Transport to nominate the Directors for the companies.

 

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