Council property company buy business centre in Coventry

2 February 2021

Property company Cifco, owned by Babergh and Mid Suffolk councils, has bought yet another faraway building.

Green & Liberal Democrat Shadow portfolio for investments Councillor John Matthissen said:

” I am sure the people of Coventry will welcome this investment in their local economy. I know however from many comments from constituents and others locally that mid Suffolk people will resent their money being “sent to Coventry.”

So far the property business, owned jointly with Babergh district, has recorded losses of over £8 million - £8,065,363 to be precise. [1] One can only hope that this latest acquisition will fare better than the 18 properties that have diminished so much in value.

The effect of the CIFCO Investment is reflected in the balance sheet of the district council, of which all residents are in effect shareholders. Yet the race goes on to spend the entire £100 million pounds before the Government’s much delayed halt to speculation takes effect in two months’ time.”

Liberal Democrat Leader Councillor John Field added:

“It’s difficult to see why the cabinet persist in the view this company is making money. We should take with the £8million capital loss the revenue position: after admin expenses, exceptional items, finance costs and tax the loss in 2019-20 is £3,531,144 according to the Income Statement. When are they going to stop?”

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