Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: Yes
1. Cabinet approved an investment of £100,005 (at risk) on the basis of the Council being a Founder Member to support the formation of Avon Mutual; a Regional Community Bank for inclusive growth, funded from 2018/19 Additional Business Rates s31 Grants.
2. Cabinet delegated authority to the Director of Finance in consultation with the Director Legal and Democratic Services and Deputy Mayor and Cabinet Member for Finance, Governance and Performance to conclude the subscription by the Council for 6,667 Founder Shares for a sum of £100,005 in Avon Mutual, and all matters and documentation required in connection with the Council’s application to be a Founder Member.
3. Cabinet approved up to £50,000 to be used by the Council to undertake further independent due diligence, which will include where applicable, the costs of consultancy support to inform the wider business model for this proposition and any further investment from the Council.
Report author: Denise Murray
Publication date: 02/07/2019
Date of decision: 02/07/2019
Decided at meeting: 02/07/2019 - Cabinet
Effective from: 10/07/2019