Decision Maker: Council, Executive

Outcome:

Is Key Decision?: Yes

Is Callable In?: No

Date of Decision: December 4, 2025

Purpose: To receive a report on Investment Debt Repayment and Standstill 2025-26 and 2026-27.

Content: The Executive Recommended to Council That (i)    it be noted that the Council will be requesting Exceptional Financial Support for 2026/27 and this request will incorporate the interest and minimum revenue provision costs in relation to the loans made to the company and the debt standstill and debt sweep contained within the report;           (ii)   a 2026/27 financial year investment debt repayment standstill on the Council’s investment loans to Victoria Square Woking Limited be approved (subject to the conditions and caveats set out in the report and subject to confirmation of Exceptional Financial Support from central government) for the financial year 2026/27 as set out in recommendation (i); and           (iii)  the findings in the Part II report set out under Agenda Item 15 of the Executive agenda titled Investment Debt Repayment and Standstill 2025-26 and 2026-27 be noted. Reason: The proposals within the report form part of the Council’s overall Improvement and Recovery Plan (IRP).  The background to the Council’s past investment decisions are set out in detail in Grant Thornton’s report in the public interest that was considered by a special meeting of Council on 20 November 2024.                  The debt standstill proposal supports the strategic aim within the IRP to “Release the council from unaffordable commitments, whilst protecting the public purse and optimising the value of existing assets” and “To take a strategic approach to reviewing the Council’s lending to companies and borrowing for its property investment estate and medium-term financial strategy.”