William Eichler 12 January 2017

Council to spend £30m on acquiring stake in new bank

Council to spend £30m on acquiring stake in new bank image

Warrington council is to spend £30m on buying a 33% stake in a new bank in order to lend more to small businesses.

In 2013, a Supporting the Local Economy Policy Committee looked into the availability of funds in Warrington for small- and medium-sized businesses.

The committee recommended the council look into setting up a bank to help meet the needs of these local businesses.

The borough council will invest in a new Challenger business bank that hopes to gain a banking licence from the Bank of England in the first quarter of 2017.

This will be a joint venture bank - known as Redwood Bank - between the council and the owners of an established bank, an unnamed ‘major city financier’. If it is granted a banking licence, Redwood will be launched in August.

SIGN UP
For your free daily news bulletin
Highways jobs

Youth Worker

Camden London Borough Council
£26,437 + £3,253 Inner London Allowance Pro Rata
Are you an experienced and passionate Youth Worker looking to make a real difference to the lives of young people in Camden? Camden, London (Greater)
Recuriter: Camden London Borough Council

Tree Officer

Camden London Borough Council
£34,033
We are looking for an experienced arboricultural professional to join a busy Tree Section working with the most up to... Camden, London (Greater)
Recuriter: Camden London Borough Council

Adults Social Workers - Basildon

Essex County Council
Negotiable
Working to support adults and their families, who have complex social needs and are more vulnerable as a result of disability, exclusion, or diminishe England, Essex, Basildon
Recuriter: Essex County Council

Senior Engineer

Lincolnshire County Council
£35,745 - £39,880
Are you an experienced Engineer looking for a new challenge? Lincolnshire
Recuriter: Lincolnshire County Council

Systems Development Officer

North Yorkshire County Council
£27,741 - £30,451
Are you passionate about technology and systems development? Northallerton, North Yorkshire
Recuriter: North Yorkshire County Council

Public Property

Latest issue - Public Property News

This issue of Public Property examines how how flexible workspaces can lead the way in regeneration for local authorities, Why local authority intervention is key to successful urban regeneration schemes and if the Government’s challenge of embracing beauty is an opportunity for communities.

The March issue also takes a closer look at Blackburn with Darwen Council's first digital health hub to help people gain control over health and care services.

Register for your free digital issue