On 6 December 2022 the Cabinet considered the
provision of a loan facility for Life Leisure (the trading name of
Stockport Active CIC) to fund the replacement of equipment, general
capital improvements to centres and initiatives to make leisure
centres more energy efficient.
The Cabinet resolved to approve the loan facility to a maximum
limit of £5m to be requested as and when deemed necessary by
the Board and Executive of the Life Leisure during the current
service contract that runs until 31 March 2027.
The Cabinet also resolved to delegate authority to the Deputy Chief
Executive in consultation with the Cabinet Member for Finance &
Resources to approve specific borrowing requests from Life Leisure
under the terms of the overall loan facility, following
consideration of appropriate business cases supplied.
The proposed loan facility is of a maximum of £5m to be
requested as and when deemed necessary by the Board and Executive
of Life Leisure during the current services contract between the
Council and Life Leisure which runs until 31st March 2027.
A business case has been supplied and assessed to draw down
£0.635m of the facility for investment, of mostly gym
equipment, for the facilities in Hazel Grove and Romiley.
On the basis of the business case and it conforming with the terms
of the loan facility the Deputy Chief Executive, in consultation
with the Cabinet Member for Finance & Resources has given
approval to the draw down of the loan on the terms outlined in the
'not for publication' report.
(Note: The report contained information ‘not for
publication’ that was circulated to the decision maker
only).