The Strategic Investment Board met on Monday 21 July 2025 to discuss the disposal of several council assets and the future of Hendeca Ltd. The board approved the commencement of marketing exercises for the potential freehold disposal of investment assets in Egham, Staines, and Addlestone, and also approved the dissolution of Hendeca.

Dissolution of Hendeca Ltd

The Strategic Investment Board approved the dissolution of Hendeca Ltd, a company established in 2013 that historically provided returns to Surrey County Council via dividends. The board's decision was based on recommendations from the Shareholder Investment Panel (SHIP).

The reasons for dissolving Hendeca included:

• The business does not align with Surrey County Council's core services.
• The business is considered high risk financially, reputationally, and as an employer.
• The company relies on a single customer, posing a significant financial and operational risk.
• A temporary leadership team is in place, provided by Surrey County Council, which would need to be replaced if a different decision were made.

A formal staff consultation began on 30 May 2025, led by the interim Managing Director, and the Hendeca Leadership team believed that improvements on return to SCC could be made. However, SHIP concluded that the risks outweighed the potential profit.

The report author, Rachel Wigley, Director of Finance, noted that dissolving the company would avoid further trading losses and ensure that the future of the company is clear ahead of Local Government Reorganisation for Surrey.

Disposals of Investment Assets

The Strategic Investment Board approved the commencement of marketing exercises for the potential freehold disposal of several investment assets. The board delegated authority to the Deputy Chief Executive & Executive Director of Resources (s.151 officer) in consultation with the Leader and the Cabinet Member for Property, Infrastructure and Waste to approve the sales and authorise the required legal documentation.

The properties include:

• 160-162 High Street, Egham The property, which was acquired by the council in Q1 2013, is a mixed-use property with a ground floor retail unit and vacant upper-floor offices. The ground floor is currently let on a lease expiring in September 2028. The council determined that it has no risk appetite to redevelop the upper parts and no operational requirements for the property.
• 61-63 High Street, Staines The property, which was acquired in Q2 2014, is a mixed-use property with a ground floor retail unit and vacant upper-floor offices. The ground floor is let on a 10-year lease expiring in October 2033. Similar to the Egham property, the council has no operational requirements or risk appetite to redevelop the upper part.
• Abbey Moor Golf Course, Addlestone The property, acquired in Q3 2012, is a nine-hole golf course with a clubhouse and parking. The property is leased out via two leases expiring in June 2041 and is located within the Green Belt¹ and Mineral Safeguarding area². Additionally, Esso Petroleum acquired permanent rights to install and operate a pipeline across the site.

The council's external valuers, CBRE, valued the entire property as of 31 March 2025. The council has no operational requirements for the property and considers it surplus to requirements.

For each of these properties, the Strategic Investment Board considered several options, including retaining and redeveloping the assets. However, the board determined that selling the entire freehold interest was the best option, as it delivers the best value for money and reduces risk.

The Section 151 Officer³ noted that the proceeds from the sales would offset future borrowing requirements of Capital Financing, reducing the costs of capital in the future.

Brightwells, Farnham

The Strategic Investment Board made a decision regarding the council's regeneration asset known as Brightwells, Farnham. The details of the decision are in the exempt minute.