Secret taxpayer loan agreed in bid to bring more restaurants to Broadgate

[dutchman]

Seven figure Cathedral Lanes deal brokered in private



A secret deal has been made to plough more taxpayer cash into the privately-owned Cathedral Lanes Shopping Centre in Coventry.

Council bosses have agreed behind closed doors to loan more money to the Shearer Property Group, owners of the site in Broadgate.

The undisclosed amount follows on from a similar private loan to the group agreed in 2014 which allowed the refurbishment which attracted Las Iguanas, Wagamamas and Cosy Club to Cathedral Lanes.

Outdoor shop Blacks recently left the site and developers now hope to use the space to achieve similar success by attracting more restaurants to the other side of the 60,000sqft venue which was initially constructed as a shopping centre in the 1980s.

The council is being asked to retrospectively approve the loan at a public cabinet meeting on November 29 and at full council on December 6.

[rebbonk]

Why haven't Shearer raised the money via normal commercial means?

Something doesn't smell quite right here.

[dutchman]

A "success" which is dependent upon a taxpayer's subsidy.

It's not even as if those businesesses pay a decent living wage:

Cathedral Lanes restaurant steals tips from waiters

[dutchman]

Cathedral Lanes Shopping Centre to get more new restaurants - but Wilko stays



More new restaurants are to open at Cathedral Lanes shopping centre - but Wilko is to stay.

The development will include new restaurants on the ground and first floors, and a new Carnaby Street-style link from Greyfriars Lane.

Shearer Property Group, who started the initial transformation of the shopping centre, have submitted the plans, which also include an extension to Cosy Club to allow for more outdoor seating.

The planning application will also create space for retail units as well as restaurants, while a new entrance into Wilko will be created opposite Primark.

The improvements are part of a larger programme of work to improve the city centre using £4million of Coventry and Warwickshire Local Enterprise Partnership (CWLEP) and Local Growth Deal funding.

If the plans are approved, work could start on the multi-million pound scheme as soon as June.

Another taxpayers' handout to skinflint employers.

[rebbonk]

Sadly, the only way our creatively stunted council can attract business to the city is by financial inducements. I say inducements, but in reality they're little short of bribes to my mind, with our money.

Incidentally, waiting to pay my exorbitant council tax today, one of the (very long) queue happened to mention Lucas in a rather disparaging light. It was surprising how many in that queue were agreeing with her.