London news Croydon Council is selling controversial Croydon Park Hotel Uk news

MetiNews.Com - "Can we now accept that this wasn't a good idea and the council is better off without it"

London news Croydon Council is selling controversial Croydon Park Hotel Uk news

MetiNews.Com - "Can we now accept that this wasn't a good idea and the council is better off without it"

London news  Croydon Council is selling controversial Croydon Park Hotel Uk news
23 February 2021 - 17:45

Breaking News ! Get FREE email updates for South LondonI'M IN!When you subscribe we will use the information you provide to send you these newsletters. Sometimes they’ll include recommendations for other related newsletters or services we offer. OurPrivacy Noticeexplains more about how we use your data, and your rights. You can unsubscribe at any time.Thank you for subscribingWe have more newslettersShow meSee ourprivacy noticeInvalid EmailSomething went wrong, please try again later.The financial crisis just keeps on getting worse for Croydon Council. The cash-strapped authority has to somehow find £60 million to plug its budget gap this year and is waiting on a government loan to bail it out. Croydon went into the coronavirus health crisis in a hugely vulnerable state - with depleted reserves and massive £1.5bn debts. It's facing having to make a huge cuts including more than 400 staff and it's embroiled in an investigation which it's being claimed is investigating bullying claims among senior staff. The latest twist in the crisis comes as the council is forced to offload 15 properties including the hugely controversial Croydon Park Hotel which it bought in 2018 and which went into administration a year later. That disastrous purchase has been blamed by auditors firmly on former council leader Tony Newman and an inner cabal of cabinet members who took key financial decisions according to a government review. Mr Newman and his then finance chief, Simon Hall, have also both recently been suspended from the Labour Party pending an inquiry.

. A forthcoming report known as The Penn Report, by independent inspector Richard Penn could expose evidence of wrong-doing by council officials or councillors in the years leading up to the council issuing its Section 114 notice and admitting it could not balance its budget. Controversial purchase The hotel itself was a controversial purchase and the decision was slammed as 'inherently flawed' by the council's own auditors Grant Thornton. As it tuned out, it was one of a series of disastrous investments that turned sour . Now the 210-room hotel is set to be marketed for sale this spring, with bids to close in August. The final decision on a buyer will be made later this year. At a meeting last week, shadow cabinet member for finance, Jason Cummings, said: "The purchase of the Croydon Park Hotel has been one that has attracted a lot of comment and controversy from the very start. As the council is now divesting themselves from this investment, can we now accept that this wasn't a good idea and the council is better off without it." Cabinet member for Croydon renewal, Stuart King, said the council's "risk appetite" has changed to reflect the circumstances it is in. An interim asset disposal strategy has now been approved and earmarks 15 sites that the council wants to sell off. Before any future sales are agreed, officers will develop a business case, receive an independent property valuation, give details of any requirements to carry out public consultation and appoint specialist estate agents to market the sites. Councillor Stuart King, Croydon Council’s deputy leader and cabinet member for Croydon renewal, said: “The council has a number of sites we no longer need which could bring in much-needed income and reduce expensive running costs if we were to sell them. “This strategy gives the council a clearer process around deciding how to get best value for Croydon taxpayers on selling in the right way and at the right time sites that we no longer require." Read More Related Articles

Source = MetiNews.Com

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London news Croydon Council is selling controversial Croydon Park Hotel Uk news


London news Croydon Council is selling controversial Croydon Park Hotel Uk news


London news Croydon Council is selling controversial Croydon Park Hotel Uk news


London news Croydon Council is selling controversial Croydon Park Hotel Uk news

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