Issue - meetings

The Executive Member for Financial Sustainability presented the Millstream Business Plan 2026/27. Members heard that that Millstream Property Investments Ltd had been established by the Council in 2018 to generate a competitive return on its capital, with the Council acting as the sole shareholder.

By 2025, it had been determined that the returns from Millstream’s property investments were lower than the financial benefit the Council could achieve by reducing its debt. This shift resulted from the need for external borrowing and changes in the regulatory environment. Consequently, the Council decided to sell Millstream’s properties as tenancies ended. Disposals had begun, and it was expected that all properties would be sold by the end of 2027/28, with the business plan set out in the restricted appendix.

Councillor Brittain, the Executive Member for Financial Sustainability proposed that the recommendations in the report be supported. Councillor Horner seconded the proposal.

In response to Member questions that would likely lead to the disclosure of exempt information, it was moved by the Chair and seconded by Councillor Williams that that the meeting move into Part II.

After being put to the meeting and a vote taken, this motion was declared CARRIED.

RESOLVED – that under Section 100A(4) of the Local Government Act, 1972, the press and public be excluded from the meeting on the grounds that it involves the likely disclosure of exempt information falling within paragraphs 3 of Part 1 of Schedule 12A of the Local Government Act 1972, as amended.

Following return to Part I, 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 – a) That Millstream Property Investment Ltd’s 2026/27 Business Plan, presented in the EXEMPT Appendix A, which includes the continued disposal of the company’s properties, be approved.