Purpose

Cabinet is recommended to
approve that Sixty Bricks is made dormant.

Content

Cabinet:

(1)          
approved that Sixty Bricks is made dormant;

(2)          
noted the implementation plan to make the company
dormant and approved a budget of £150,000 to appoint the
require specialist financial and legal advisory services;
and

(3)          
approved that the final terms of making the company
dormant will be delegated to the Strategic Director of Resources,
in consultation with the Strategic Director of Place.

 

Options & Alternatives Considered

The following options have been considered, the
detail of which is provided in Appendix C:

·       
Option 1: Sixty Bricks to continue as a conventional
housebuilding company.

·       
Option 2: Reset Sixty Bricks to be a more
entrepreneurial development company.

·       
Option 3: Make Sixty Bricks dormant.
Recommendation:

It is proposed that Sixty Bricks is made dormant.
This option is proposed as it provides the
Council with the flexibility to respond to the current financial
challenges, minimising its financial exposure, achieving
operational savings, whilst retaining the opportunity to revive the
company in the future.
Should this recommendation be
approved, it is proposed that external advisory support is procured
to set out and support the process for making the company
dormant.