Issue - meetings

The Executive Member for Financial Sustainability presented the Millstream Business Plan. He said that the council was the only shareholder in Millstream and each year, it produced a 30-year business plan. For several years, Millstream had returned on its capital but there had been recent changes which had affected this income.

The Executive Member for Financial Sustainability said that interest rates had increased and through the budget setting process, there was a case for winding down Millstream. He said that there were three scenarios set out in the report and the recommendation was supporting scenario 3, to dispose of its properties now.

Councillor Brittain proposed that the recommendation in the report be supported. Councillor Horner seconded the proposal.

Councillor Williamson said that it was a sad moment and Millstream was part of an initiative to generate revenue for the council. He said it had been a good project and did deliver financially and provided housing for residents but recognised that circumstances had changed, and the paper laid out the situation well. He gave his personal thanks to officers who set up Millstream, especially the Head of Housing and Health. He asked if it was the intention to wind up the company after the properties had been disposed of.

Councillor Buckmaster said the report showed how agile the council needed to be. He said that the environment had changed, and it was right that the council took the opportunity to change course. He said that he supported the recommendation.

Councillor Wilson said that when the previous administration took on four capital projects at once, the Liberal Democrats said that it was not prudent.

Councillor Horner acknowledged that Millstream had been set up to make money for the council and at the time, it was a prudent was of going forward. He supported this decision and agreed with Councillor Williamson that it was with a heavy heart.

Councillor Brittain thanked Members for their comments and echoed the thanks for the Head of Housing and Health. He said that external events had had an impact, the Ukraine war had increased the energy price, interest rates and inflation. He confirmed it was the intention to wind up the company when properties had been disposed of.

The motion to support the recommendation having been proposed and seconded was put to the meeting and upon a vote being taken, was declared CARRIED.

RESOLVED – that (A) Millstream Property Investment Ltd’s 2025/26 Business Plan, presented in the EXEMPT Appendix A, which includes property disposal as an option, be approved

(B) acting as Millstream’s sole shareholder, Council agrees to use its reserved power, under the Shareholder Agreement with the company, to resolve that the company disposes of its properties.