Decision details
Enter into a Business Sale Agreement with ECL
PDF 90 KBDecision status: Recommendations Approved
Is Key decision?: No
Is subject to call in?: No
Purpose:
To enter into a Business Sale Agreement with ECL, whereby the Council acquires all of ECL’s assets (with the exception of the six leasehold flats in the Guildhall Shopping Centre), including any work in progress in return for proper consideration, in the form of a release of ECL from its obligations under the Load Agreements.
The sale agreement shall include a novation of all contracts save those that may be terminated by ECL with the Council’s agreement.
Decision:
To enter into a Business Sale Agreement with ECL, whereby the Council acquires all of ECL’s assets (with the exception of the six leasehold flats in the Guildhall Shopping Centre), including any work in progress in return for proper consideration, in the form of a release of ECL from its obligations under the Load Agreements.
The sale agreement shall include a novation of all contracts save those that may be terminated by ECL with the Council’s agreement.
Reasons for the decision:
As set out in the report to Executive and Council on 17 October 2023.
Equality Impact Assessment
The report to Executive and Council was accompanied by an EQIA.
Alternative options considered:
The alternative options were explored in the Chief Executives report to Council on 17 October 2023.
Publication date: 28/03/2024
Date of decision: 17/10/2023