William Eichler 16 November 2023

Middlesbrough set to sell off buildings to avoid bankruptcy

Middlesbrough set to sell off buildings to avoid bankruptcy  image
Image: Red Carpet 2020 / Shutterstock.com.

Middlesbrough Council is considering selling off several of its buildings in an effort to avoid having to issue a bankruptcy notice.

A report to senior councillors in August warned the council was in danger of issuing a section 114 as it faced a predicted overspend of its budget of almost £12m.

An asset review, which will be discussed by the council’s executive next week, has proposed the closure of council-owned buildings and assets, including community centres, car parks and a golf centre.

The sale of these assets could bring in an estimated £33m, according to the report.

The longer-term future of the town hall will be under consideration.

A Middlesbrough Council spokesperson said: ‘The asset review is necessary due to the critically low level of reserves we inherited from the year ending 31st March 2023, the need to set a balanced budget over the medium term and the requirement to fund the transformation of services as set out by the external auditor.’

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