To review the Companies Performance Update .- Spring 2021 reviewed by Overview & Scrutiny Committee 18 March 2021
The Sub-Committee considered information on the performance of companies owned or part-owned by the Council, as of Spring 2021, and as considered by the Overview & Scrutiny Committee on 18 March 2021.
No further questions or concerns were raised, and there were no additional observations from the Overview & Scrutiny Committee.
RESOLVED that the Companies Performance Update – Spring 2021 be noted.
To note the Spring 2021 Companies Performance Update, as set out in the report, and to make any observations for consideration by the Commercial Ventures Executive Sub-Committee.
The Committee received the Spring 2021 Companies Performance Update report from the Executive Member for Investment and Companies, Councillor Archer. This report updated the Committee on the performance of the companies currently owned or part-owned by the Council which currently consist of: Greensand Holdings Limited, Horley Business Park Development LLP and Pathway for Care Limited. All these companies are currently considered to be performing overall in line with the Council’s objectives and expectations.
Members noted the following points:
Greensand Holdings Ltd was funded through loans from the Council. It generates an income from one of its property holdings and provides an income to the Council through interest on the loan. The loan funding from the Council was £13.258m.
Pathway for Care Ltd provides supported living facilities for vulnerable residents at a number of sites in the borough and surrounding areas. The Council is a minority shareholder in the company, with the majority shareholding held by Transforming Healthcare Group. The Council has the right to appoint a director to the board of the company which is currently Councillor V. Lewanski. The Council holds £1.1m redeemable preference shares in the company, redeemable in April 2023. The number of voids had been reduced and Members noted that a small net profit had been reported which was a positive development. The annual accounts for the year ended 31 July 2020 were provided at Annex 1.
Horley Business Park Development LLP is a joint venture set up to bring forward planning and subsequent development, of employment land in the Horley area. The reports for year ended 31 December 2020 were not yet published.
RESOLVED – to note the Spring 2021 Companies Performance Update as set out in the report to the Committee and the observations of the Committee for consideration by the Commercial Ventures Executive Sub-Committee.