Decision Maker: Executive

Outcome: Recommendations Approved

Is Key Decision?: Yes

Is Callable In?: Yes

Date of Decision: July 21, 2025

Purpose: To receive an update on Greenfield School.

Content: The Executive Resolved That subject to receipt of satisfactory legal advice on the proposals set out in therecommendation including any subsidy control implications; (i)          approval is granted for the assignment of loans 1, 2 and 3 from Greenfield School to Hoe Bridge School; (ii)         Loan 3 is restructured based on an interest rate of 5.5% with capital repayments being made as detailed in paragraph 7.6 of the report; (iii)       Loans 1 and 2 remain as per the existing agreement but following the completion of the merger between Greenfield School and Hoe Bridge School, the Council and Hoe Bridge School will reconsider the structuring of the loan with a view to reaching agreement on accelerating repayment; and (iv)       authority is granted to the Strategic Director of Finance and the Director of Legal and Democratic Services, following the receipt of satisfactory legal advice to take all necessary steps to implement the recommendations including entering into any agreements. Reason:    In November 2024, the Executive gave authority to the Section 151 Officer and the Monitoring Officer, in consultation with the Portfolio Holder, to restructure the Greenfield School loans, subject to a number of conditions. The report provides an update on what has happened since then and seeks approval from the Executive on various matters to manage the Council’s loans to Greenfield School in a way that best protects the public interest.