Decision details

The investment into The Modular Analytics Company Limited (“TMAC”) 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. TMAC operates in the Digital & Creative sector.

The Combined Authority gave approval on 29 July 2022 to give delegated authority for the period 30 July 2022 to 29 September 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 August 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) approve an investment of up to £400,000 into The Modular Analytics Company Limited;

b) delegate authority to the Combined Authority Treasurer and Combined Authority Monitoring Officer to review the due diligence information in respect of the above investment, and, subject to their satisfactory review and agreement of the due diligence information and the overall detailed commercial terms of the investment, to sign off any outstanding conditions, issue final approvals and complete any necessary related documentation in respect of the investment noted above.