Decision details

1.             That the funding applications for Swim Sports Company Limited (loan facility of £500,000), Salford Evolution (loan facility of £5,800,000), Intechnica Limited (convertible loan of £150,000) and Erlson Precision Holdings Limited (loan facility of £700,000)  be approved and progressed to due diligence.

2.             That authority be delegated to the GMCA Treasurer and Monitoring Officer to review the due diligence information in respect of the companies, and, subject to their satisfactory review and agreement of the due diligence information and the overall detailed commercial terms of the transactions, to sign off any outstanding conditions, issue final approvals and complete any necessary related documentation in respect of the investments.

3.             That authority be delegated to the Chief Executive Officer, GMCA & TfGM and GMCA Treasurer, in consultation with the relevant Portfolio Leads  for the period 30 November 2019 to 30 January 2020 to approve funding from the GM Investment Framework and GM Housing Investment Loans Fund.  Recommendations approved under the delegation will be subject to the usual due diligence processes and will be reported to the GMCA at the next available meeting.

4.             That any future loans made through the Housing Investment Loans Fund would be subject to the Company having signed up to the Good Employment Charter (once it is approved).

5.             That it be noted that the membership criteria of Good Employer Charter was still under development, however as a point of principle discussions should have been held with the applicants and that the GM Mayor would confirm whether discussions had been held with Swim Sports Company Limited, Salford Evolution, Intexhnica Limited and Erison Precision Holdings.