Decision details

The board considered a report from West Midlands Development Capital seeking approval of a further three year extension to the existing Collective Investment Fund loan, continuing on investment facility terms but amended to reflect the current market and trading position of the hotel.

Gary Taylor sought clarification on the valuation that had been obtained for the project. The Investment Director - Property, West Midlands Development Capital indicated that the project would be re-valued, but he expected that with actual trading figures available rather than the estimates previously used, the valuation would be significantly greater than that obtained in 2020. The Director of Commercial & Investment confirmed that he considered this to be a low risk scheme.

Resolved:

A further three-year extension to the existing Collective Investment Fund loan, continuing on the investment facility terms but amended to reflect the current market and trading position of the hotel, be approved on the terms included within the report.

[NB. Nick Abell declared a personal interest in the item due to his employment with Wright Hassall, who had acted on behalf of Complex Development Projects Ltd, owners of Far Gosford Developments Ltd.]