Norfolk council set to wipe out £500,000 loan owed to own property firm |
Breckland Council will meet next week to vote on whether to write off £515,455 owed by its investment arm, Breckland Bridge Ltd.
The firm was set up in 2015 to build housing on small plots of council-owned land, but a series of setbacks and impending local government reorganisation has left it unable to turn a profit.
Senior staff and councillors from Breckland Council claiming an award for the firm's work in 2017 (Image: Breckland Council)
Of the total sum, £463,846 - including interest - relates to a working capital loan, while a further £51,609 is owed to Land Group LLP, who are Breckland partners in the agreement.
Council papers claim Breckland Bridge has previously........