This is an extract from the Grant Thornton letter to Councillors.
We have identified concerns about the governance, efficiency and effectiveness of the Council’s wholly-owned property company which is currently the subject of an external review.
The company provides services to the Council which include carrying out valuations, asset management, acquisitions and disposals. The company also plays a critical role in bringing forward the development of a golf course owned by the Council which represents a potential future capital receipt originally estimated at £200 million. The Council’s borrowing decisions in recent years have been taken in the context of realizing this capital receipt and the possibility of achieving a lower value because of suggestions that a lower density of development should be pursued represents a significant risk to the Council’s future financial sustainability as a consequence of its high level of debt.
The entire Grant Thornton letter can be found here.
Some information on RBWM Property Company Ltd may be located on the RBWM web site here.
Further information on Company Number 07588433 may be found on the Companies House register here
Have a look at the people page and note the names of 23 Officers and the 19 Resignations!
And a Slough Observer article here