URL: https://democracy.ne-derbyshire.gov.uk/ieDecisionDetails.aspx?ID=1297

Decision Maker: Cabinet

Outcome: Recommendations Approved

Is Key Decision?: No

Is Callable In?: No

Purpose:

Content: Cabinet considered a report which sought approval for a revised payment arrangement under the Share Purchase Agreement relating to the sale of Northwood Group Ltd to MyPad 2020 Limited, to manage short-term financial risk while maintaining the Council’s contractual position and security.   Cabinet considered the report. There were discussions around the process that had been followed, the impact of the Council’s financial position, the structure of the revised payment arrangement and the need for prudent risk management.   RESOLVED –   That Cabinet approves a payment schedule as set out in paragraph 2.12 of the report.   That Cabinet agrees that, following determination of the revised planning application and further progress on warranty matters, a further Deed of  Variation to the Share Purchase Agreement is executed, reprofiling of remaining payments to a “little and often” structure.   That Cabinet authorises the Director of Growth and Assets, in consultation with the Leader of the Council and the Section 151 Officer, to agree terms and complete the Deed of Variations to give effect to the above, including appropriate protection of the Council’s security.   This was a Key Decision but in accordance with 13 (h) of the Council’s Scrutiny Rules, the Call in procedure has been waived.  

Date of Decision: March 30, 2026