Purpose

Review and approval of the Lampton Group Business Plan for 2024/2025

Decision

Cabinet agreed the implementation of the Lampton Group Business Plan covering 2024/25 as attached at Appendix 1 of the submitted report including putting in place arrangements to support the delivery of the Business Plan.

Cabinet noted the following:

·       The inclusion of a transformation spend request from Lampton in the Business Plan to be funded by Lampton from its own internal resources.

·       That Lampton Leisure would continue to require financial support from the Council, this was estimated to require £2.7 million next financial year. The Council had included an amount in its corporate contingency budget for the deficit expected from operating leisure centres in 2024/25. A separate paper at this Cabinet meeting proposed VAT related savings which would reduce this loss by £750k per annum in future years and how Lampton Leisure income would be reported if Cabinet agreed to the proposed agency model.

·       Lampton Investment and Development would require substantial sums of additional borrowing from the Council to fund the purchase and construction of new homes but the details of the borrowing and the accompanying agreement to make these loans would be presented to a later Cabinet meeting for agreement. This would also require an update to the Treasury Management Strategy which would need Borough Council approval.