The UK’s first ever single asset management company for the public sector has been set up in the West Midlands.
The new company will allow the six member organisations – which include Redditch Borough Council, Worcester City Council and Worcestershire County Council – to maximise value from property and land assets.
The model will create a new commercial company owned by the public sector rather than the traditional shared services model. This will allow the organisations to find new ways of generating revenue, boost regional economic growth and deliver savings of £58m by 2025.
Minister for the Cabinet Office Francis Maude gave the model his backing. He said: ‘The One Public Estate programme shows what can be done when central and local government work together. I hope other public sector bodies will learn from this ground breaking approach in the West Midlands which will help deliver better services by working more collaboratively.’
The partnerships also includes Hereford & Worcester Fire and Rescue Service, Warwickshire Police and West Mercia Police.