Cabinet approves new development company

Bexley’s Cabinet voted last night (11 April) to approve the creation of a new development company wholly owned by the Council.

Its role will be to secure maximum benefit from property investment opportunities inside and outside the borough, to generate income for local services and support the Council’s growth strategy.

Further detailed work is required to formally establish the company, which will be called BexleyCo. It should be in business by the summer. The Council’s role as shareholder will be exercised by a new committee of the Cabinet.

Government legislation requires that any trading by local authorities must be carried out through a company.