Purpose

To consider the report of the Cabinet Member for Economic Development, Growth and Skills seeking approval of the updated Business Plan for WBS Growth LLP, the Partnership created to bring forward regeneration of the former ToysRUs site.

Decision

To approve the revised Business Plan as set out in the confidential appendix to this report. 

Reasons for the decision

1.  On the formation of the Partnership, the Partners agreed that a detailed Business Plan would be produced within 6 months for approval by the three shareholders in the Partnership.

2.  The updated plan provides significantly more detail that the original plan prepared at the time of incorporation, although continues to reflect the original financial commitment made by each of the Partners.

3.  In the intervening period, a significant uplift in momentum has been achieved.

Alternative options considered

None.