Paul Marinko 21 September 2021

Slough approves asset fire sale

Slough approves asset fire sale image

Crisis-hit Slough Council has approved plans to flog around £600m worth of assets as it battles to get its finances under control.

Senior councillors agreed the move last night after officers told them the authority had ‘untenable levels of borrowing and debt charges’ that risked the council having to spend more than 30% of its net revenue budget to finance these costs.

A paper before the cabinet read: ‘This position is clearly unsustainable and, as a matter of urgency, borrowing needs to be reduced.

‘If capital receipts totalling £600m were realised over the next five years and used to finance capitalisation directions and repay external loans borrowing could be reduced from its current level of £760m down to circa £335m by 1 April 2027.’

The £760m of current borrowing is costing Slough around £30m in annual debt charges.

Slough currently owns about 6,700 property assets in the form of land and buildings, with a total value of £1.2bn.

Earlier this year, Slough asked the Government for a further capitalisation direction worth as much as £200m.

If granted, the new capitalisation direction would dwarf the value of those handed to the likes of Croydon LBC, which has agreed support worth £120m in principle, and Luton BC, which has agreed support worth £49m.

What’s happening inside the LGPS? image

What’s happening inside the LGPS?

Get the most informed take on the challenges and opportunities that substantial reform will bring at this year’s PLSA Local Authority Conference.
SIGN UP
For your free daily news bulletin
Highways jobs

Portage Worker - SEND and Inclusion

Durham County Council
Grade 8 £31,586 - £35,235
Term-time only (plus one week) – Temporary for 18 months Term-time only (plus one week) – Temporary for 12 months   We are recruiting Portage Workers Spennymoor
Recuriter: Durham County Council

Social Worker

Durham County Council
£34,314 - £37,938 (pre-progression) / £39,513 - £43,693 (post-progression)
We are looking for social workers who have completed their assessed and supported year in employment to join our Families First Service. WHAT IS INVO Durham
Recuriter: Durham County Council

Receptionist

Durham County Council
£24,404 to £25,183 pro rata p.a. Grade 3 (£12.64 to £13.05 per hour)
Casual as and when required opportunity is available Spennymoor Leisure Centre. WHAT IS INVOLVED? In this role you will professionally welcome custom Spennymoor
Recuriter: Durham County Council

Lunchtime Supervisory Assistant

Durham County Council
£24,027 pro rata
2x Lunchtime Supervisory Assistant Vacancies Would you like to work with a group of wonderful children in order to help them to have a happy and sett Durham
Recuriter: Durham County Council

Enhanced Teaching Assistant

Durham County Council
£25,584 - £27,711?pro rata
Enhanced Teaching Assistant Grade 5     £25,584 - £27,711?pro rata Full time, Term Time Only + 2 Weeks Temporary – required from 1st September 2025 un Durham
Recuriter: Durham County Council
Linkedin Banner
OSZAR »