1.         that Torbay Council Holding Company Limited be established and registered with Companies House;

2.         that the following posts be appointed as Directors to the Torbay Council Holding Company:

a.         Director of Pride in Place;

b.         Divisional Director of Place Strategy;

c.         Director of Adults & Community Services;

d.         Director of Corporate Services; and

e.         Head of Corporate Finance;

3.         that the following subsidiary companies or component parts be transferred to the Torbay Council Holding Company:

·                    Torbay Economic Development Company Limited;

·                    TorVista Homes Limited;

·                    C & A Consultants (Torquay) Limited;

·                    KAH Holdings Limited;

·                    SWISCo Limited; and

·                    Torbay Education Limited;

4.         that the following Shareholder Panels be dissolved and replaced by the Torbay Council Holding Company Limited Shareholder Panel, to be appointed by the Cabinet, which will provide oversight of all of the Council’s wholly owned companies and subsidiary companies:

·                    SWISCo Shareholder Panel;

·                    TorVista Shareholder Panel; and

·                    TDA Shareholder Panel.

To give effect to the decision of the Council, creating a single Company and Shareholder Panel structure to oversee all of the Council’s wholly owned companies and their subsidiaries.

There were several options considered regarding the transfer of the companies and component parts including whether some could be subsumed within the Council, however alternative options were discounted due to the need for the Council to be able to act within legislation pertaining to the function of Local Government.

This decision will be implemented immediately.

On 19 September 2023 the Council agreed that:

1.         Torbay Economic Development Company be dissolved, with the Chief Executive overseeing the practical arrangements for the same;

2.         In further of 1. above, the Chief Executive be given delegated authority to determine, in consultation with the Leader of the Council;

a.    the transfer of subsidiary companies or component parts of the business that undertake substantial external trading activity into a Torbay Council Strategic Holding Company.

As such, the Council is in the process of establishing the Torbay Council Holding Company Limited and transferring to it, the subsidiary companies or component parts of the businesses that undertake substantial external trading activity, subject to registration with Companies House.  It is proposed that the existing Shareholder Panels be dissolved and a new single Torbay Council Holding Company Limited Shareholder Panel be established to undertake the role of overseeing all of the Council’s wholly owned company activities.

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