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North Yorkshire Money Goes to Welcome to Yorkshire

North Yorkshire Money Goes to Welcome to Yorkshire

Published by Jon Burke at 5:05pm 17th October 2019. (Updated at 7:05am 18th October 2019)

North Yorkshire County Council has loaned Welcome to Yorkshire half a million pounds.

The agreement was made last month, after a loan facility was set up in 2015.

The information's been released by the organisation's new Chair, Peter Box, in reports which show it nearly ran out of money in September.

The council is also among several other authorities in the region who'll contribute a share of a million pounds, if the company meets certain conditions


The council's Chief Executive, Richard Flinton, said:

"In June 2015, our Executive Members approved access to a secured loan facility of up to £500,000 to Welcome to Yorkshire within a five-year period.

Since that time, this decision has been a matter of public record. Welcome to Yorkshire has recently called upon that loan, which it will repay at the market rate of interest.

The loan was secured against property owned by Welcome to Yorkshire, so were there to be a default, the council's loan would be protected and there is no risk to taxpayers' money."

The council's Director of Resources, Gary Fielding has been speaking to Yorkshire Coast Radio's Jon Burke..

 

 

Comments

There are 2 comments on this page.

zara, on 17th October 2019 6:38pm
so we have NYCC pleading poverty one day blaming the government and then today they let us know they have given WTY half a million. What use is it being secured against property they have, you can guarantee the banks will be the first creditors to get paid.
JohnfromScarborough, on 17th October 2019 7:13pm
I very much doubt that this is the last we will hear about this rather strange arrangement.

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