Information about the events that led to an investment in Redwood Bank

The request was partially successful.

Dear Warrington Borough Council,

1. The subject of a creating a wholly owned Community Investment Bank (CIB) first
appeared on the Agenda of the April 2013 meeting of the Supporting the Local
Economy Committee. ( SLEC).
From whom did the suggestion of WBC investing in a CIB first come?

2. The July 2013 meeting of the SLEC identified that information on the ‘Cambridgeshire
model’ of a CIB (presumably Cambridge and Counties bank (CCB)) should be obtained.
Who first identified the Cambridgeshire model as one that should be explored?

3. The September 2013 meeting of the SLEC received a report from the Corporate Finance
Manager (CFM) about a meeting at Cambridgeshire Council:
3.1 Where was the Cambridgeshire meeting held?
3.2 What were the names and job titles of the attendees at the meeting (from both
sides) and whom did they represent?
3.3 Was more than one meeting arranged and if so please indicate the dates and for
each the details requested in 3.2 above.
3.4 Please let me have copies of any correspondence in connection with the meeting(s)
mentioned in 3.2 & 3.3 above.
3.5 Please let me have a copy of the report the CFM presented to the SLEC

4. The April 2014 SLEC were told that an investment in CCB was no longer possible at that
time but there might be an opportunity in one or two years’ time.
Was that opportunity ever followed up and if not why not?

5. The September 2015 SLEC received a presentation from Gary Wilkinson (GW) and Mike
Oxby of Acorn Leicester Ltd. (AL):
5.1 Who had first identified AL as a consultant suitably qualified to advise on setting up
a CIB?
5.2 Please let me have a copy of any correspondence between WBC and AL before they
were appointed as a consultant.
5.3 Please let me have a copy of the invitation and any associated documentation that
was sent to AL in connection with the presentation.
5.4 Please let me have a copy of the presentation WBC would have been supplied with
by AL at the September SLEC.
5.5 What was the fee AL charged for the presentation and was it paid to AL (the bank) or
GW the owner?
5.6 Please let me have a copy of
a) the ongoing feasibility study AL produced for the September 2015 SLEC and
b) the final feasibility study that was produced some time later.

6. Sometime between September 2015 and January 2017 WBC decided not to continue
with the idea of setting up its own wholly owned CIB:
6.1 When was that decision taken and where was it minuted or recorded?
6.2 Which committee meeting took the decision to invest in a start-up bank?
6.3 Please let me have copies of the subsequent correspondence with the Prudential
Regulatory Authority (PRA) and WBC’s legal advisers on the subject of making an
investment in Redwood and obtaining a banking licence.
6.4 What was the total cost of the due diligence exercise undertaken with the PRA and
WBC’s legal advisers? This should include both fees and also the cost of WBC staff
time (estimated if specific logs weren’t kept).

7. Given all the discussions about a CIB were undertaken with AL as a consultant:
7.1 Who first identified Redwood Bank as being the bank in which WBC would seek an
investment?
7.2 Please let me have a copy of any council correspondence or minutes of meetings
that discussed the subject of Redwood becoming WBC’s partner bank
7.3 Was AL, itself a bank, ever considered as the investment vehicle for WBC? And if not
what were the reasons for not considering AL?
7.4 Were any of the other many start-up banks then in existence considered by WBC for
an investment?
7.5 When was the first contact by WBC with Jonathan Rowland (JR) the major
shareholder in Redwood and what was the nature of that contact?
7.6 Please let me have details of all meeting dates between WBC and JR and copies of
any meeting minutes or notes, along with any subsequent correspondence with JR
in advance of or after the meeting.

Yours sincerely,
Richard Buttrey

FOI, Warrington Borough Council

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FOI ACE, Warrington Borough Council

Dear Mr Buttrey,

Freedom of Information Act Request
Thank you for your request.

Your request has been logged and a response will be with you within the
statutory 20 working days.

In the meantime if you require any further information, please do not
hesitate to contact ace_[Warrington Borough Council request email] quoting the above reference
number.

 

Many thanks

 

The FOI Administrator

 

 

 

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Dear FOI ACE at Warrington Borough Council

I do not appear to have received a response to my FoI Request dated 15 August 2019
Subject - 'Information about the events that led to an investment in Redwood Bank'

The 20 working days have now passed.
Would you let me have a response and also give me a reference number for this matter please.

Yours sincerely,

Richard Buttrey

Dear FOI ACE,

I still do not appear to have received a response to my FoI Request dated 15 August 2019 entitled
"Subject - 'Information about the events that led to an investment in Redwood Bank'"

The 20 working days have now passed.
Would you let me have a response and also give me a reference number for this matter please.

Yours sincerely,

Richard Buttrey

Dear FOI ACE,

This request is now well overdue.
Please let me have a substantial response within 10 days.

I will treat a lack of response as a refusal and accordingly take the matter up with the Information Commissioner.

Yours sincerely,

Richard Buttrey

Dear FOI ACE,
You said on 15 August that I would have a response within 20 days.

It is now well overdue. Please let me have a response otherwise I will treat a lack of response as a refusal and take the matter up with the Information Commissioner accordingly.

Yours sincerely,

Richard Buttrey

Dear FOI ACE,
Re:
FOI Request August 2019 - Title
Information about the events that led to an investment in Redwood Bank

Despite reminders I have still not seen a reply.
Would you let me have a response in the next 10 days.
I will treat a failure to respond as a refusal of the request and take the matter up with the Information Commissioner.

Yours sincerely,

Richard Buttrey

FOI ACE, Warrington Borough Council

1 Attachment

Dear Mr Buttrey,

 

Freedom of Information Act Request – FOI/CORP/2853

 

Further to your Freedom of Information request we received on 14^th August
2019, please see the attached response.

 

Please accept our sincere apologies for the delay in responding to your
FOI request and for any inconvenience this may have caused you.

 

 

Many thanks

 

The FOI Administrator

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