Purpose

Approval is sought to provide additional short?term loan support to Opportunity Kensington and to approve new loans for Knightsbridge and King’s Road, to manage cashflow pressures arising from delayed levy income. Levy collection for all three BIDs has been further delayed as a result of the cyber attack, meaning income that is typically received in September is now not expected until late in 2026 or early 2027.

Decision

The Lead Member has AGREED to:

1. Approve the provision of short?term bridging loan support to Opportunity Kensington Ltd (company number 14015943) to manage cashflow pressures arising from delayed BID levy income, for the amount and in line with the conditions set out in the exempt from publication (Part B) appendix to this report.
2. Approve the provision of new short?term bridging loans to West Central BIDs Ltd (re Knightsbridge and King’s Road BIDs) to manage cashflow pressures arising from delayed BID levy income, for the amount and in line with the conditions set out in the exempt from publication (Part B) appendix to this report.
3. The Council entering into loan agreements with Opportunity Kensington Ltd and West Central BIDs Ltd to give effect to the loans approved above.