Decision Maker: Chief Executive Officer GMCA & TfGM
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: No
The investment into Northern Gritstone Limited
(“Northern Gritstone”) is in line with the strategic
objectives of the business investment strategy and the Local
Industrial Strategy and support the key objectives of supporting
our globally competitive strengths and strengthening the
foundations of our economy. Northern Gritstone operates in the
Financial Services sector.
The Combined Authority gave approval on 25 March 2022 to give delegated authority for the period 26 March 2022 to 26 May 2022 to the Combined Authority Chief Executive and the Combined Authority Treasurer, in consultation with the Portfolio Lead Leader for Investment and Resources, to approve funding requests for projects in the absence of a Combined Authority meeting at the end of April 2022, and approve any urgent variations on amounts and terms for already approved loans.
Any recommendations approved under the delegation will be subject to the usual due diligence processes and will be reported to the Combined Authority at the next available meeting.
a) the funding application by Northern
Gritstone (“Northern Gritstone”) (investment of
£1,500,000) be given conditional approval and progress to due
b) delegate to the Combined Authority Treasurer and Combined Authority Monitoring Officer to review the due diligence information in respect of the company, and, subject to their satisfactory review and agreement of the due diligence information and the overall detailed commercial terms of the transaction, to sign off any outstanding conditions, issue final approvals and complete any necessary related documentation in respect of the investment.
Publication date: 16/05/2022
Date of decision: 16/05/2022