Shaer Halewood, Director of Resources, introduced a report which informed the Committee that, the Council with Cheshire West and Chester Council provided a working capital facility to Edsential, a company jointly owned by the two Councils. The report requested the Committee to agree to a renewal of the current working capital facility with Edsential. The renewal would be on similar terms to the existing arrangement which earned a return to the Council as interest was charged on any sum advanced.

In response to a number of comments from Members, Shaer Halewood and Pete Molyneux, Senior Finance Manager, informed the Committee that over the last 12 months Wirral Council had received £50,000 in interest payments. To date Edsential had not required to use the full amount of this facility. The Shareholder Board would receive regular reports in terms of the company’s performance.

On a motion by Councillor Wendy Clements, seconded by Councillor Chris Carubia, it was -

Resolved – That the Policy and Resources Committee approves the renewal of the interest bearing working capital cashflow agreement of up to £2 million with Edsential for a 5 year term to commence as soon as applicable.