Decision Maker: Cabinet

Outcome: Recommendations Approved

Is Key Decision?: No

Is Callable In?: No

Date of Decision: December 17, 2024

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.