Agenda item

Councillor D J Bittleston, Leader of the Council, welcomed Terry Price, Independent Director of Thameswey, to the meeting.

The Executive received a report which sought approval of the Executive to recommend to Council the Thameswey Business Plans 2018.  Following a question regarding a Member presentation on the Business Plans, Councillor Bittleston explained that a presentation had not been arranged due to the number of presentations held during the year and the burden placed on Members to attend.  In addition it was felt that the covering report was very comprehensive.  Councillor Bittleston stated that he would be happy to arrange a Member presentation on the Business Plans if Members would find it useful, provided that such a presentation was well attended.  Regarding marketing plans, the Executive was advised that Thameswey did not receive marketing support from the Council however, Thameswey had identified the need to put in some additional marketing capacity.  Following a question regarding skills and expertise in relation to Sheerwater, it was noted that Thameswey was aware of the capacity required to undertake the scheme.

Regarding Board School Road car park, the Chief Executive explained that the car park was opposite Wesco Court and currently leased to St Johns Ambulance.  Thameswey Energy Limited required part of the car park for the installation of its local electricity network and connection to the North Road UK Power networks sub stations.  It was noted that St Johns Ambulance used the car park for training purposes and that the reconfiguration of the car park would be explored.

Discussion ensued on the number of Thameswey companies and the Executive was informed that there had been conversations regarding the groupings of companies.  The Executive was advised that it was likely that the energy companies would be merged into one company, however it would be necessary to keep the housing companies as separate entities.  It was highlighted that all Members were entitled to attend Thameswey Board meetings provided that a Non Disclosure Agreement was signed.

Recommended to Council

That  (i)      the Business Plans for the Thameswey Group of Companies be approved;

          (ii)     Barry Maunders be appointed as an Independent Director of Thameswey Guest Houses Limited;

          (iii)    Councillor Colin Kemp, as Portfolio Holder for Housing, be appointed as a Councillor Director of Thameswey Guest Houses Limited and Thameswey Limited;

          (iv)    Thameswey Energy Limited be granted leases or licenses on appropriate commercial terms of:

a.    a Lease of 9 & 9a Poole Road, Format House and adjoining land for the construction, subject to Planning Consent, of the Poole Road Energy Station accommodation;

b.    a Licence to occupy the Poole Road car park for the purpose of the construction of the Poole Road Energy Station;

c.    a Lease of part of the Board School Road car park for the installation of its local electricity network and connection to the North Road UK Power networks sub stations;

          (v)     Thameswey Developments Limited be authorised to draw down Loans on behalf of Thameswey Energy Limited to finance the construction of the Poole Road energy station;

          (vi)    an increased Loan Facility of £75M be allocated to Thameswey Housing Limited for the period of April 2020 to December 2021 to finance additional affordable homes, and £10M to service the debt with future years Loan facilities of £5M per annum for long term debt servicing pending reaching its full operational revenue; and

          (vii)   extension of the Loan Facility for Thameswey Central Milton Keynes Limited for 2020 and 2021 in the aggregate sum of £5,020,000.

Reason:     To recommend to Council the approval of the Business Plans for each of the Thameswey Group companies.