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Loan to Blackpool Transport

 

 

Meeting: 23/05/2016 - Executive (Item 4.)

4. Provision of Loan Finance to Blackpool Transport Limited pdf icon PDF 295 KB

Additional documents:

Decision:

The Executive agreed the recommendations as outlined above namely:

 

  1. To Prudentially Borrow £7,740,000 over a term of 10 years to lend to Blackpool Transport Services Limited.

 

  1. To offer Blackpool Transport Services Limited a loan facility of £7,740,000 to fund the purchase of 10 double buses in June 2016 (£2,211,000) and 25 vehicles in June 2017 (£5,527,500), each loan to be repaid over ten years with 120 monthly repayments.

 

  1. To offer Blackpool Transport Services Limited a short term facility of up to £1,100,000 for 2 months in order to manage cash flow in respect of the VAT payable on the transaction.