Decision details

RESOLVED: To

1.    Note that BBB has not needed to call upon the additional £10m working capital facility that was requested within July 2021 Cabinet Report.

2.    Note that the Council has now shared a draft Protocol with Brick by Brick on the disposal of 5 out of 6 sites that were approved for disposal in the July 2021 Brick by Brick Cabinet report and this is close to being finalised so that the assets can be progressed to be marketed. Details are provided within section 4 of the report.

3.    Note the change in consideration on the Belgrave & Grosvenor site, as detailed in Section 4 of the report in order that a detailed due diligence and assessment of regeneration opportunities for the site can be carried out for the benefit of the Council. Further approval will be sought from Cabinet in the event that the outcome of the assessment favours development rather than disposing the site.

4.    Note the progress being made on repayment of the loan as advised within the confidential Part B, Appendix 1, of the report. As at end of August 2021, it is envisaged that the Company will pay £139m back to the Council against an outstanding loan balance of £161m.

5.    Note that, in accordance with the February and July Cabinet reports, sales receipts have been recycled by Brick by Brick and to total of £17.18m

6.    Note that (if approved) the Governance and Performance monitoring of Brick by Brick will be carried out under Brick by Brick Shareholder Cabinet Advisory Board (the “Advisory Board”) as advised by the Governance of Brick By Brick Croydon Ltd report also being presented at the same Cabinet as this report.