Issue - meetings

Strand Shopping Centre Business Plan

 

 

Meeting: 25/07/2019 - Cabinet (Item 31)

31 Finance Monitoring Report Strand Shopping Centre, Bootle pdf icon PDF 72 KB

Report of the Executive Director

Minutes:

The Cabinet considered the report of the Executive Director that detailed an update for Members on the financial performance of Bootle Strand Shopping Centre and the presentation of a revised Business Plan including:

 

(i)

the revised Business Plan for 2019/20 – 2021/22;

 

(ii)

the projected impact on the Strand Reserve; and

 

(iii)

details of short to medium term proposals that would further enhance the Centre both operationally and financially.

 

The Cabinet also took into consideration the information contained in the exempt agenda item No.15 (Minute No. 28 refers)

 

Decision Made: That:

 

(1)

the revised Business Plan in relation to the Strand Shopping Centre be approved;

 

(2)

the contents of the report including the revised business plan projections for the years 2019/20 to 2021/22 be noted; and

 

(3)

It be noted that the proposal was a Key Decision that had not been included in the Council's Forward Plan of Key Decisions.  Consequently, the Leader of the Council and the Chair of the Overview and Scrutiny Committee (Regulatory, Compliance and Corporate Services) had been consulted under Rule 27 of the Access to Information Procedure Rules of the Constitution, to the decision being made by the Cabinet as a matter of urgency on the basis that it was impracticable to defer the decision until Cabinet in September in order that targets within the business plan could be achieved.

 

Reasons for the Decision:

 

Prevailing market conditions have adversely impacted on the current approved Business Plan for the Strand. A full analysis of those market conditions, tenancy schedule and anticipated costs and receipts for the next 3 years, has led to a re-cast of the Business Plan. Operational decision-making cannot be made outside of an approved Business Plan and Members are asked to consider the current position and tactical actions to improve that position and approve the re-cast of the Business Plan.

 

Alternative Options Considered and Rejected:

 

Not taking any action is likely to lead to further vulnerability in the financial performance of the centre.