Issue - decisions

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Cabinet Member for Finance & Resources has given approval to the draw down of the loan on the terms outlined in the 'not for publication' report.

(Note: The report contained information ‘not for publication’ that was circulated to the decision maker only).