Cabinet considered the report and RESOLVED to:
1. Subject to the undertaking of due diligence on and receipt by the Council of satisfactory legal, financial, procurement and taxation advice in connection with the proposed delivery structure, approve that Peterborough Limited establish a not-for-profit company limited by guarantee as a wholly owned subsidiary to deliver the Council’s leisure services on an interim basis until 31 March 2024.
2. Approve the amendment of Peterborough Limited’s Articles of Association, accounting and reporting practises as may be necessary to affect the decision in recommendation 1, and the adoption of a further Peterborough Limited reserved matter, namely that Cabinet must approve the alteration of any matter reserved to Peterborough Limited in relation to any subsidiary.
3. Following receipt and approval by the Executive Director of Corporate Services of the satisfactory legal, financial, procurement and taxation advice referred to in Recommendation 1, to approve the delegation of authority to the Executive Director of Corporate Services, in consultation with the Director of Governance, the Executive Director for Place and Economy, and the Cabinet Member for Communication, Culture and Communities, to take all necessary steps to protect the interests of the Council and effect the decision in Recommendations 1 and 2, including negotiating and entering into agreements.