Purpose

In November 2022, the Executive Mayor in Cabinet
delegated to Corporate Director of Resources to enter into a Letter
of Comfort to be provided to Brick by
Brick Croydon Ltd, under the Council’s shareholder
function. Whilst this delegation was generic it could be construed
to relate to 2021/22 Accounts and in order to ensure no ambiguity
the Mayor’s direct decision in
consultation with the Shareholder Advisory Board is sought.
A letter of comfort is now needed to
allow Brick By Brick to remain solvent
whilst wind down activities continue.
 

Content

RESOLVED:
 
To enter into a Letter of Comfort to be provided to
Brick-by-Brick Croydon Ltd, exercising the Council’s
shareholder function and acting as Lender as set out in Appendix A,
Part B of report.