Withdrawal from Gloucester Quays LLP

The request was partially successful.

Dear British Waterways,

I refer to your withdrawal as a partner in the Gloucester Quays LLP joint venture in December 2012.

My understanding (from information already supplied under FOIA) is that BW wrote off £16.9m of its investment in 2008/9 followed by a further £16.2m in 2009/10.

I also understand that the total sum written off (£33.1m) represents the total value of the investment to up to the year ended 2009/10.

Furthermore, I understand that the joint venture provide no financial return to BW up to 2009/10.

Please provide the following information -

1. Details of any further investment made and in which year (2010/11 or 2011/12).

2. Details of any return in 2010/11 2011/12.

3. The name of the party or parties that acquired BW's share of the joint venture.

4. Brief details of any financial transaction associated with selling its holding. (I wish to determine if BW received income from the sale or if it had to make payment to dispose of its holding).

Yours faithfully,

Allan Richards

Dear British Waterways,

The first part of my request refered to your withdrawal from Gloucester Quays LLP in December 2012. It should, of course, have been December 2011.

My apoligies for this error.

Yours faithfully,

Allan Richards

Information Request,

Dear Mr Richards,

Thank you for your e-mail.

I am pleased to inform you that once we have confirmed the extent to which the regulations permit the release of the information which you have requested a response will be sent within a 20 working day timescale of receipt of your request on 5th March 2012.

Kind regards,

Sarina Young
Customer Service Co-Ordinator
British Waterways  |  The Kiln  |  Mather Road  |  Newark  |  NG24 1FB  | Tel:  01636 675740 | Mob:  07785 295 274 | Fax:  01636 705584 |
In April 2012 the canals and rivers that British Waterways cares for and maintains in England and Wales will become part of a new charity called the Canal & River Trust.
Want to know more? Go to - www. waterscape.com/findoutmore
Follow the BW Customer Service team on Twitter at http://twitter.com/BWCustServ 

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Information Request,

Dear Mr Richards,

Further to my acknowledgement of 5th March please find below our response to your request for information relating to Gloucester Quays LLP.

Q1. Details of any further investment made and in which year (2010/11 or 2011/12).
A1 None

Q2. Details of any return in 2010/11 2011/12.
A2 None

Q3. The name of the party or parties that acquired BW's share of the joint venture.
A3 Peel investments ( Gloucester ) Ltd

Q4. Brief details of any financial transaction associated with selling its holding A4. There were no payments exchanged on transfer. Whilst BW will no longer have an active role in GQ LLP, it will continue to work collaboratively with Peel and retains a small financial interest in the future success of the scheme. We are not at liberty to divulge the details of this arrangement (see notes 1 and 2 below) but it is designed to ensure that in the event Gloucester Quays becomes very successful in future, there is a prospect of BW sharing in that increased value.
(1)Information is being withheld in reliance upon (unless otherwise stated) the exemption contained in s.43(2) Freedom of Information Act 2000. This is because the information withheld would or would be likely to, if disclosed, damage the commercial interests of a person. In some cases the information withheld concerns the terms under which commercial property transactions and other commercial transactions are proposed to be or have been entered into in the context of a competitive market and disclosure would, or would be likely to, damage the interests of the counter-party to BW in the transaction. In some cases the information withheld was competitive terms under which BW would be prepared to enter into transactions disclosure of which would, or would be likely to, prejudice the commercial interests of BW.
(2)BW considers that it is in the public interest to maintain the exemption where so replied upon. The reasons for this are (a) a very substantial part of BWs overall revenues required to support its public activities are derived from competitive commercial activities; (b) by s.134 Transport Act 1968 BW is obliged to carry on these activities as if it “were a company engaged in a commercial enterprise”; (c) disclosure of information that would, or would be likely to, prejudice BWs commercial interests or those of a counter-party would threaten the commercial revenues sought from such activity. A risk of loss or reduction of revenues available to be spent on the public functions of BW would be contrary to the public interest. Furthermore information on the overall performance of BW in conducting its commercial activities is available in aggregated form in its published Annual Accounts and the public interest in being able to judge such performance is facilitated by that provision of information.

If we haven’t reasonably met your expectations in relation to a request for information or you believe we may not have acted in accordance with the above legislation you should write in the first instance to Kelly Radley Head of Customer Relations, 64 Clarendon Road, Watford, Herts WD17 1DA outlining your concerns and asking for a review to be undertaken. Your correspondence will be acknowledged and a review of your case will be undertaken by one of British Waterways’ directors.

Should you remain unsatisfied by the response you receive you are able to contact the Information Commissioner’s Office, Wycliffe House, Water Lane, Wilmslow, Cheshire SK9 5AF www.ico.gov.uk/Global/contact_us.aspx.

Yours Sincerely,

Sarina Young
Customer Service Co-Ordinator
British Waterways  |  The Kiln  |  Mather Road  |  Newark  |  NG24 1FB  | Tel:  01636 675740 | Mob:  07785 295 274 | Fax:  01636 705584 |
This summer the canals and rivers that British Waterways cares for and maintains in England and Wales will become part of a new charity called the Canal & River Trust.
Want to know more? Go to - www. waterscape.com/findoutmore
Follow the BW Customer Service team on Twitter at http://twitter.com/BWCustServ 

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