The Strategic Investment Board met on Monday 15 June 2026 to review the performance of investment companies and properties for the 2025/26 financial year. The Board noted the governance processes, performance reports, and identified risks and mitigation strategies.

2025/26 Performance Review of Investment Companies and Properties

The Board reviewed the performance of various investment companies and properties during the 2025/26 financial year. The report provided an overview of each entity's performance, the governance processes followed, and identified key risks.

The following companies and properties were discussed:

• Surrey Property Group (SPG) under Halsey Garton: This group had a successful year in letting out its buildings. A plan, agreed in January 2026, to transfer all assets back to Surrey County Council and close the company is now underway.
• Halsey Garton Residential: Properties are continuing to be sold as part of the company's planned closure.
• Hendeca Group: The company is nearing closure, having declared a dividend of £600,000. Final tax returns are being processed.
• Surrey Choices: This entity has made progress in opening a new respite centre and has continued to update its systems. However, it has operated under uncertainty due to ongoing contract negotiations.
• Connect2Surrey: The company has undergone restructuring and continues to focus on direct fill placements to improve margins.
• TRIC Consortium Ltd and UK Municipal Bonds Agency: These were noted as minority holdings, with details included in the report.
• Surrey County Council Investment Properties (SCCIP): Disposals are proceeding as planned, with three remaining properties expected by the end of the year. Significant progress has been made on leasing vacant space at Brightwells.

Councillor Tim Oliver OBE, Leader of the Council, noted that some of these decisions were driven by local government reorganisation, aiming to simplify holdings for the two new unitary authorities that will inherit the council's assets. He also highlighted that the closure of Hendeca was a sound decision irrespective of reorganisation. Surrey Choices has recently undergone a re-tender process, and further discussions are planned. Surrey and Kent Commercial Services, used for staff recruitment, has seen a significant decrease in recruitment costs, though overall volume has reduced as the council's operational life nears its end.

The Board resolved to note the governance process followed in reviewing the performance reports, to note the content of the report and provide any steer, and to note the key risks identified and the mitigation strategies in place. These decisions were made to ensure transparency, accountability, strategic oversight, and continuous improvement in company and investment performance. The decisions can be called in by the Resources and Performance Select Committee.

There were no declarations of interest or questions and petitions received at the meeting. The public were excluded from the meeting for Part 2 of the agenda, which contained commercially sensitive information.