Agenda and minutes

Members are asked to declare any interests in the items under consideration and in doing so state:

(1) the type of interest concerned either a

(a)   personal interest

(b)   prejudicial interest

(c)    disclosable pecuniary interest (DPI)

and

(2) the nature of the interest concerned

If any member requires advice on declarations of interests, they are advised to contact the Head of Democratic Governance in advance of the meeting.

There were no declarations of interest on this occasion.

The Committee considered excluding the public and press during consideration of the restricted minutes of the meeting held on 15 July 2022 included in the agenda as part of Item 2 and Appendices 3a and 3b of Item 3- Details of Loan Request and Blackpool Entertainment Company Limited Food and Beverage Strategy presentation as these documents contained commercially sensitive information.

The Committee considered that on balance the public interest would not be served by making the information public as it could undermine the Council and its wholly owned companies’ financial position.

Resolved: That under Section 100 (A) of the Local Government Act 1972, the public be excluded from the meeting during the consideration of the restricted minutes of the meeting held on 15 July 2022 included in the agenda as part of Item 2 and Appendices 3a and 3b of Item 3- Details of Loan Request and Blackpool Entertainment Company Limited Food and Beverage Strategy presentationon the grounds that it would involve the likely disclosure of exempt information as defined in paragraph 3 of Part 1 of Schedule 12A of the Act.

To agree the minutes of the last meeting held on 15 July 2022 as a true and correct record. There is both a public and a restricted set of minutes for this meeting.

(This item contains commercially sensitive information which is exempt from publication by virtue of Paragraph 3 of Part 1 of Schedule 12A of the Local Government Act 1972).

The Committee considered the minutes of the last meeting held on the 15 July  2022, noting that there was a public and a restricted version of the minutes.

Resolved:

The Committee agreed that the minutes of the meeting be signed by the Chair as a true and correct record.

To consider a loan request from Blackpool Entertainment Company Limited (BECL) towards continuing renovation of the Winter Gardens.   

(The Appendices to this item contain commercially sensitive information which is exempt from publication by virtue of Paragraph 3 of Part 1 of Schedule 12A of the Local Government Act 1972).

(The press and public were excluded during the parts of this item where Appendices 3a and 3b were considered).

The Shareholder Committee considered a loan request from Blackpool Entertainment Company Limited towards continuing renovation of the Winter Gardens. The loan had been requested to allow for the upgrading of essential infrastructure such as lifts, toilets and other fixtures and fittings but also to facilitate investment in revenue enhancement projects.

The Shareholder Committee noted that the Council’s Business Loans Fund Panel had considered the loan case and recommended approval of the loan taking into account all due diligence.  The Business Loans Fund Panel had recommended a number of conditions which were outlined in Appendix 3a to the report notably an interest rate reflective of the market conditions, a repayment term and reporting arrangements with any major deviations to be reported immediately and regular reports on accounts to be presented o the Loans Panel and the Shareholder Committee.

In response to questions from the Committee, Mr Alan Cavill, Director of Communications and Regeneration and Mr Steve Thompson, Director of Resources, both confirmed that they had been part of the Loans Panel meeting that had considered the application. Both Mr Cavill and Mr Thompson confirmed the view expressed in the report that the loan represented a suitable application when considered against the Council’s approved  Business Loan Scheme Guidance and that the conditions outlined would provide the necessary safeguards for the Council’s position. Mr Cavill emphasised his view that the spending encompassed a wide range of areas where investment was required notably the combination of defensive spend to proactively reduce future maintenance requirements and investment to increase spend per visitor including reducing the underutilisation of existing space. Mr Thompson explained the phasing of the investment allowed the company to bring forward increased revenue, reduce any negative impact on existing income streams and allowed oversight of the investment by both the Shareholder Committee and Loans Panel. Blackpool Entertainment Company Limited had provided a Business Plan and provided indicative figures to demonstrate the expected increase in income derived as a result of the proposed works which were considered acceptable. 

Shareholder Committee decision:

To note the date of next meeting as 23 September 2022

The Shareholder Committee noted the date of the next meeting as 23 September 2022