Purpose

Decisions by the Council on the future of THL.

Decision

The Executive in its capacity as the body exercising shareholder responsibilities on behalf of the Council Resolved

That (i)   the decision of the Shareholder Executive Committee dated 10th June 2026 as shareholder of ThamesWey Limited in respect of the disposal of all ThamesWey Limited Shares in ThamesWey Housing Limited to the Council for £1 be noted;

        (ii)  the disposal of ThamesWey Housing Limited in line with the business case included at Appendix 1 to the Part 2 component of the report be approved;

        (iii)  the evaluation criteria for potential bidders of ThamesWey Housing Limited, as set out in the Option Appraisal and Process section of the Business Case at Appendix 1 to the report, be approved;

        (iv) the directors of the board of ThamesWey Housing Limited, as sole shareholder (subject to the approval of point (i)), be instructed to proceed with the marketing and disposal of THL in accordance with the business case included at Appendix 1 to the report;

        (v)  the commencement of marketing of ThamesWey Housing Limited as per the business case be approved;

        (vi) the summary of the draft marketing plans in the Commercial Case of the Business case (which may be subject to further future change) included at Appendix 1 of the report for the disposal of ThamesWey Housing Limited be noted and provide comments for consideration by the Board of ThamesWey Housing Limited;

        (vii) the Board of ThamesWey Housing Limited be required to provide monthly updates on the implementation and any changes to the marketing plans to the Shareholder Executive Committee at its meetings;

      (viii)  the Leader of the Council be authorised on behalf of the Council as Shareholder of ThamesWey Housing Limited (subject to confirmation) and as advised by Statutory Officers following receipt of satisfactory legal, financial and marketing advice to take such decisions as may be required of the Shareholder to facilitate the implementation of the ThamesWey Housing Limited marketing plans;

        (ix) the Portfolio Holder for Finance and Economy be authorised to agree the preferred bidder and final terms of sale of ThamesWey Housing Limited, following receipt of final details of the sale proposal from the Board of THL, advice from the Council’s Statutory Officers and appropriate external legal, financial and other advice as may be required; and

The Executive Recommended to Council

That (x)  following the proposed acquisition of the shares in ThamesWey Housing Limited by the Council, a debt for equity swap to facilitate the disposal of ThamesWey Housing Limited (the details of which are set out in Appendix 2 to the report) be approved.

The Executive in its capacity as the body exercising executive functions in the Council Resolved

That (i)   the acquisition of all ThamesWey Limited Shares in ThamesWey Housing Limited to the Council for £1 be approved;

        (ii)  the Chief Executive be authorised to take all steps to facilitate the acquisition of the ThamesWey Limited shares in ThamesWey Housing Limited; and

        (iii)  the recommendations from the Resource and Finance Scrutiny Committee held on 9 June 2026 be accepted.

Reason:  The disposal of ThamesWey Housing Limited (THL) is a key strategic objective as set out in the ThamesWey business plan approved by the Shareholder Executive Committee in September 2025.  It is also a key component of the Council’s Company Divestment Strategy and debt reduction plan, which forms an essential part of the Council’s Improvement and Recovery Plan.