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Information on loan payments to and interest received from This Land Ltd group of companies

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Dear Cambridgeshire County Council,

Background
This Land Ltd is a property development company wholly owned by Cambridgeshire County Council (CCC). In its latest available audited financial statements – for the year ending 31 December 2019, This Land Ltd made a comprehensive loss of £11.8 million on a turnover of £34,407.

At that balance sheet date the company owed its sole shareholder £96.48 million on borrowings, and £5.14 million in accrued loan interest. (source: Companies House Beta).
In his latest annual statement the company Chairman acknowledged the company’s duty to pay the interest on its borrowings and ultimately to repay the loan capital to the shareholder. Consequently, the company recognised that early cash receipts were vital to the success of the long-term business plan. To that end the business plan was “updated” to enable some of the company’s property to be sold to other property developers to secure the necessary cash to service the debt.

Request
I am requesting the following information under FOIA 2000:
1) Copies of relevant details of every long and short term loan made by CCC to This Land Ltd or any of its subsidiary companies from their inception to date. The relevant details include:
a. The dates each loan was paid to the This Land group of companies
b. The amounts paid to This Land group companies in respect of each loan (this information should already be shown in the Transparency Code published supplier payment data)
c. The length of each loan
d. The interest rate for each loan
e. The schedule of loan interest payment dates for each loan as per the corresponding loan agreements
f. The actual loan repayments to CCC for each identified loan made to date - including amounts and payment dates.

Yours faithfully,

Andrew Rowson

FOI, Cambridgeshire County Council

Dear Andrew
 
Re: Freedom of Information Request ref 1511539
 
Thank you for your request. We have noted that your request relates to one
of the following services:
 
Resources - Finance
 
At the present time, these services are under great pressure due to the
impact of the corona-virus and are working hard to provide care and
support for our communities.  We have logged your request and will assess
whether we are able to respond at this time or advise when it is likely
that you will receive the information. We may be able to respond in part
to your request and provide further information at a later date. We cannot
give a timeframe for the completion of this request.
 
We hope that you will understand the pressure on council resources at
present but if you have any concerns then please contact us.
 
Kind Regards,
 
 
Information Governance Team
Tel: 01223 699137
Box No. OCT1224, Cambridgeshire County Council, Shire Hall, Cambridge, CB3
0AP
 
 
 
 
 

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FOI, Cambridgeshire County Council

2 Attachments

Dear Andrew Rowson

 

Re: Freedom of Information Request ref: FOI_1511539

 

Apologies for the delay in responding to your request.

 

We have considered your request under the terms of the Freedom of
Information Act. Please find our response below and attached.

 

Request

 

I am requesting the following information under FOIA 2000:

1)           Copies of relevant details of every long and short term loan
made by CCC to This Land Ltd or any of its subsidiary companies from their
inception to date.  The relevant details include:

a.           The dates each loan was paid to the This Land group of
companies

b.           The amounts paid to This Land group companies in respect of
each loan (this information should already be shown in the Transparency
Code published supplier payment data)

c.           The length of each loan

d.           The interest rate for each loan

e.           The schedule of loan interest payment dates for each loan as
per the corresponding loan agreements

f.            The actual loan repayments to CCC for each identified loan
made to date - including amounts and payment dates.

 

Response

 

1) Copies of relevant details of every long and short term loan made by
CCC to This Land Ltd or any of its subsidiary companies from their
inception to date. The relevant details include:

 

a. The dates each loan was paid to the This Land group of companies
Provided in the attached spreadsheet 1511539 Appendix 2

 

b. The amounts paid to This Land group companies in respect of each loan
(this information should already be shown in the Transparency Code
published supplier payment data)
Provided in the attached spreadsheet 1511539 Appendix 2

 

c. The length of each loan
We have provided the length of each loan within a two year range. 1511539
Appendix 2

 

d. The interest rate for each loan

The Council can confirm that across the total portfolio of lending to This
Land, compared to equivalent borrowing costs to the Council, the average
margin earned by the Council exceeds 3%.
We have not provided further information on interest rates in response to
this current request. Exempt under Section 43 (2) (1511539 Appendix 1)

 

e. The schedule of loan interest payment dates for each loan as per the
corresponding loan agreements

We have not provided this information. Exempt under Section 43 (2)
(1511539 Appendix 1)
We can confirm that This Land is currently up-to-date with loan interest
payments.

 

f. The actual loan repayments to CCC for each identified loan made to date
- including amounts and payment dates.

Provided in the attached spreadsheet for the three loans repaid. 1511539
Appendix 2

 

I hope this information is helpful but if you are unhappy with the service
you have received in relation to your request and wish to make a complaint
or request a review, you should write to Information Management, at either
[1][Cambridgeshire County Council request email] or by post at Box No. OCT1224, Shire Hall,
Cambridge CB3 0AP within 40 days of the date of this e-mail.

 

If you are not content with the outcome of the internal review, you have
the right to apply directly to the Information Commissioner for a
decision. The Information Commissioner can be contacted at: Information
Commissioner's Office, Wycliffe House, Water Lane, Wilmslow, Cheshire, SK9
5AF, or via their website: [2]https://ico.org.uk/.

 

Generally, the ICO will not undertake a review or make a decision on a
request until the internal review process has been completed.

Kind Regards

 

Information Governance Team

Team 01223 699137

Box No. OCT1224, Cambridgeshire County Council, Shire Hall, Cambridge, CB3
0AP

 

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We don't know whether the most recent response to this request contains information or not – if you are Andrew Rowson please sign in and let everyone know.