Cabinet:
1. Noted that the council’s bid to purchase the Fletton Quays hotel, which Cabinet approved on 30 May 2023, has been accepted by the Administrators.
2. Delegated authority to the Executive Director of Corporate Services, in consultation with the Cabinet Member for Finance and Corporate Governance and the Director of Legal and Governance, to take all necessary steps and enter into all the necessary agreements to complete the purchase, including the establishment of a new company for this purpose.
3. Delegated authority to the Executive Director of Corporate Services, in consultation with the Cabinet Member for Finance and Corporate Governance and Director of Legal and Governance, to establish the new company, determine its Articles of Association and appoint its directors.
4. Requested the Executive Director of Corporate Services to submit a further report to Cabinet setting out the options following the completion of the business case after the soft-market testing exercise has concluded.
Options and reasons can be found in the report attached at the bottom of this page.