Decision details

Amendment to Peterborough Ltd Loan Facility* - JUN23/CAB/8

Decision Maker: Cabinet

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: Yes


Extension of the current loan facility provided to Peterborough Limited


Cabinet considered the report and RESOLVED to:


1.     Approve the amendment to the expiry date of the £1.75m facility with PeterboroughLtd (originally approved by Cabinet in July 2018) from1 February 2024 to 1 February 2029. 


2.     Authorise the Director for Law and Governance (Monitoring Officer) and Executive Director for Corporate Services and S151 Officer to exercise delegated authority to finalise and agree all necessary legal agreements with Peterborough Ltd for the purposes of facilitating this arrangement. 


Reasons for the decision:

The approval of this recommendation will ensure P Ltd have certainty of funding from the Council once the original loan facility expires in 2024. 

Alternative options considered:

The Council could refuse to extend the loan facility; however, this would require Peterborough Ltd to seek funding from an external provider which is not efficient for either the Council or its subsidiary 

Interests and Nature of Interests Declared:


Background Documents:

Cabinet Report JUL18/CAB/19 

Publication date: 19/06/2023

Date of decision: 19/06/2023

Decided at meeting: 19/06/2023 - Cabinet

Effective from: 24/06/2023

Accompanying Documents: