Decision details

The Cabinet will be provided with an update on the support the Council has provided to Abbeycroft Leisure and review the terms of the Covid-19 loan facility as agreed by Cabinet (Report No: CAB/WS/20/051), which may require a key decision to be made.

Resolved:

That:

1.           The final principles of the terms and conditions of the £1,000,000 loan facility for Abbeycroft Leisure agreed by Cabinet on 21 July 2020 (Report Number CAB/WS/20/051), as set out in Section 2 of Report Number CAB/WS/20/072, be funded through usable capital receipts; and

2.           Delegated authority be given to the Council’s Section 151 Officer, in consultation with the Portfolio Holders for Resources and Performance and for Leisure, Culture and Community Hubs, and the Director, to agree the final details of the loan based on the principles as agreed above and enter into a loan agreement(s) with Abbeycroft Leisure.