Decision

Councillor Dacres MOVED, Councillor Bell SECONDED, and it was RESOLVED to:

·            Note the current operating position of the company including the latest cashflow projection and associated assumptions.

·            Agree that the Council, as sole shareholder of CRPL, continue to provide additional financial support to the company through parent company guarantee to enable it to continue to manage and operate the assets within and around the Catford Centre. 

·            Agree a further deferment of loan interest payments and capitalisation on the current loan for a further two years to 2026 to enable the company to stabilise its cashflow.

·            Agree that as part of the wider Catford Town Centre Regeneration plan, to agree the disposal of the former Thomas Lane Depot site and delegate authority to the Executive Director of Corporate Resources, in consultation with the Executive the Director for Place, to agree final terms of the disposal. The receipt from the disposal will be used to pay down part of the loan with the Council and help stabilise the Company’s cashflow in the short-term.

·            Note that the outcome of an ongoing review of the Company together with a new Business Plan detailing further efforts that the company will be making to ensure it continues to operate the centre in a manner that remains consistent with the outcomes agreed at its inception will be reported to Mayor and Cabinet in due course.