Council Property Arm Bleeds Cash

Harborough District Council is shutting down its struggling property company after $800,000 in losses, a venture launched in 2019 to fund local services but crippled by pandemic-hit retail rents and flawed financial controls. Despite some flats appreciating 30%, renegotiated leases failed to turn things around, and the company’s lack of a separate bank account tangled losses into council finances—triggering two consecutive audit disclaimers and missed filing deadlines. Now, the council is selling off assets including Tesco and Sports Direct retail spaces while overhauling its finance team to prevent future disasters, a stark warning about local councils dabbling in property. Support the show:Get a discount at https://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/255fe6038436df39