URL: https://moderngov.woking.gov.uk/ieDecisionDetails.aspx?ID=4376

Decision Maker: Executive

Outcome:

Is Key Decision?: Yes

Is Callable In?: Yes

Purpose: To agree the disposal of ThamesWey Central Milton Keynes Limited (TCMK).

Content: The Executive Resolved That (i)   the disposal of ThamesWey Central Milton Keynes Ltd, on the terms set out in Appendix 1 to the report, to the preferred bidder be approved in principle subject to full Council approval being obtained for the debt for equity swap;         (ii)  authority be delegated to the Leader of the Council and the Council’s Statutory Officers to take any necessary steps which may be required to facilitate the disposal of ThamesWey Central Milton Keynes Ltd on behalf of the Council;         (iii)  authority be delegated to the Portfolio Holder for Finance and Economy to agree the final terms of sale of ThamesWey Central Milton Keynes Ltd, following receipt of final details of the sale proposal from the Board of ThamesWey Central Milton Keynes Ltd, advice from the Council’s Statutory Officers and appropriate external legal, financial and other advice as may be required; and         (iv) following completion of the sale, TCMK be authorised to enter into all documents as reasonably required by TCMK to facilitate the disposal. The Executive Recommended to Council That (v)  the debt for equity swap to facilitate the disposal of ThamesWey Central Milton Keynes Limited (the details of which are set out in Appendix 2 to the report) be approved. Reason:  The disposal of TCMK is a key strategic objective as set out in the ThamesWey business plan approved by the Shareholder Executive Committee.  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.

Date of Decision: March 18, 2026