Purpose

To inform Members of the Q2 financial position
and performance in respect of the trading companies facilitating
the Upperbanks Hotel & Apartments scheme

Content

The Cabinet considered
a report of the Director of Corporate Services which sought to
update on the quarter two 2024/25 financial position of the
Council’s wholly owned trading companies set up to facilitate
the Upperbanks development. The report
compared the forecast financial position to the expectations set
out in the business cases approved by Members on 30 June 2022, as
part of a Cabinet report which had
approved the structure of the scheme.
 
The Head of Commercial
Finance and the Property Growth Fund Manager were in attendance to present the information and to
address the questions and the comments of the Cabinet Members.
 
Resolved that the
recommendations outlined at points 2.1 – 2.3 of the report
be noted.
 
Reason for
decision:
The Council was the
ultimate parent undertaking and 100% shareholder of the
Upperbanks trading companies, and
should be kept informed of the financial
position of its subsidiary companies to enable informed
decision-making.
 
Alternatives
considered and rejected:
The report was for
information only and as such there were
no alternatives to consider.