A series of multi million pound investment gambles has left Sefton Council facing risks as the borough battles to balance its books.
Not least among the investment decisions by Sefton Council that have attracted criticism in recent years is the purchase of Bootle Strand shopping centre for £32.5m in 2019.
The council revealed last year the shopping centre's value had fallen by half that it was purchased for, with a projected £3.6m loss over the following year being blamed in part on the pressures on the retail sector brought about by the pandemic.
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While the council says plans to turn Bootle Strand's fortunes around will focus on community offerings as well as retail, transforming the role of the Bootle Strand for the town, some have questioned the wisdom of decisions around the struggling shopping centre in such a tough economic climate.
Bootle Strand is not the only risky decision Sefton Council has made in recent years, however.
In 2018, the council set up Sandway Homes Ltd, a housing company designed to build market value and social housing to meet the borough's growing need.
With the council owed £8m and counting by the company - which also has other debts totalling around £3m - and a series of delays leaving projects way behind schedule, questions have been raised about the long term viability of the company, particularly in the light of the wider economic challenges in play.
Sandway Homes and its parent company Sefton ACS Holdings Ltd have yet to file their accounts for this financial year, with those now due according to Companies House.
A recent cabinet update pointed to potential financial shortfalls in the projected dividend and significant financial risks - although the cabinet member for housing and regeneration, Cllr Trish Hardfy, has maintained that setting up the company up was the "right decision" for the borough.
As well as Sandway Homes, the council also set up Sefton Hospitality Operations Ltd in 2021.
Formed to run Crosby Lakeside Adventure Centre after Sefton Council failed to find an industry partner, a recent report stated a positive outlook for the company after the centre reopened earlier this year following a major refurbishment.
The council has hopes of the company expanding beyond Crosby Lakeside and becoming a hospitality provider of choice, providing much needed living wage jobs and training in the area.
With Sefton Hospitality Operations Ltd having recently filed accounts and with a new director, Cllr Christine Howard, next year will be a crucial one for the company as it seeks to develop its offerings.
The council has also recently announced a new name for its ambitious Bootle Canalside events project - Salt and Tar, drawing on the area's industrial heritage.
The project, which will serve as a multi-functional event, entertainment, and hospitality venue hosting Christmas markets, music events, and comedy shows and is scheduled to be completed for opening in Spring 2023.
The council is hoping to attract key funding for this project from the Government's Levelling Up Fund, having applied for £20m as part of a wider Bootle regeneration scheme, the outcome of which is expected to be announced this year.
Earlier this year, the council committed £567k to the project, to open up the canal path and develop an events programme with council leader Cllr Ian Maher speaking of the "amazing opportunity" the project promises to "kick start" the town's redevelopment.
Another key investment project for the council, largely funded by government and regional money, is the "ambitious" £73m events centre in Southport, which councillors hope will "revitalise" the town's fortunes.
While significant funding is already set aside for the project, it is likely the council will need to borrow around £20m to drive it forward, a risk the council said is worth making as the centre could generate millions each year in tourist revenue.
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