Decision details

To provide an update to Cabinet on phase 1 of the establishment of a community bank for the region, the outcome of the due diligence and further to seek approval for phase 2 investment.

Cabinet:

1. Approved an investment of up to £200,001 (at risk) in round 2 (development shares) to support the formation of Avon Mutual; a Regional Community Bank for inclusive growth, funded from the capital investment reserve and redirection of associated returns from previous investments.
2. Approved £50,000 to be used by the Council to undertake the phase 2 local due diligence to inform the Impact Framework and wider business model for this proposition and any further investment from the Council.
3. 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 agree the investment tranches and conclude the subscription by the Council for 133,334 shares for a sum of up to £200,001 in Avon Mutual, and all matters and documentation required in connection with the Council’s investment.