Issue - meetings

Edsential Request For Funding

Meeting: 10/11/2021 - Policy and Resources Committee (Item 82)

82 Referral from Shareholder Board - Edsential Request for Funding pdf icon PDF 99 KB

Additional documents:

Minutes:

The Head of Legal Services introduced a report on the recommendations of the Shareholder Board meeting of 28 October, in respect of the request for funding from Edsential. The minute of the Shareholder Board and associated report of the Director of Resources were provided for information.

 

Members expressed thanks for the work which Edsential had undertaken during the difficult circumstances presented by Covid.

 

On a motion by the Chair, seconded by Councillor Jeff Green, it was -

 

Resolved – That,

 

(1)  the Director of Resources, be authorised, in consultation with the Director of Law and Governance to approve financial support to be provided to the company over the forthcoming financial year, in the form of Covid related funding support grant of £643,000 and an interest bearing loan of £857,000 as set out in the report and its appendices.

 

(2)  the Director of Resources, be authorised, in consultation with the Director of Law and Governance to provide a letter of comfort to Edsential confirming the agreed financing and support.


Meeting: 28/10/2021 - Shareholder Board (Item 6)

6 Edsential Request For Funding pdf icon PDF 126 KB

Additional documents:

Minutes:

The Senior Finance Manager, introduced a report on a request for funding from Edsential CIC, a company wholly owned equally by the Council and Cheshire West and Chester Council.

 

He noted that Edsential CIC had experienced significant trading and financial difficulties primarily as a consequence of the COVID-19 pandemic. The Company had been in negotiations with officers of both the Council and Cheshire West and Chester Council with a view to obtaining additional financial support.

 

Members asked questions on the details of the loan such as whether the exact amount could be reduced if the Council felt that Edsential did not need the full amount, and whether they would have the facility to re-pay the loan early if they found that they could. The Senior Finance Manager stated that the exact terms of the loan were still to be negotiated and that issues like these could be worked into those terms.

 

On a motion by Councillor Williamson, seconded by Councillor Green it was –

 

Resolved – That Policy and Resources Committee be recommended to:

 

(a)   authorise the Director of Resources in consultation with the Director of Law and Governance to approve financial support to be provided to the company over the forthcoming financial year, in the form of Covid related funding support grant of £643,000 and an interest bearing loan of £857,000 as set out in the detail and in appendix 1 of this report.

 

(b)   authorise the Director of Resources in consultation with the Director of Law and Governance to provide a letter of comfort to Edsential confirming the agreed financing and support.