Originally Posted by
highwideandugly
24-25 into profit..not sure that will get met!…in fact I’m sure it won’t.
So what would be plan B ?
I’m sure I read in the accounts that £60 million is the outstanding Debt.Would that have to be paid off before a profit is announced?
Or is it yearly operating profit?
As far as I remember it was operating profit which would be used to repay the loans to the Tees Valley mayoral office.
The debt is mostly the loans, the figure to look at is the equity, the debt against the asset. At the last set of accounts it stood at -£10m (that figure at the time is a little high too as there is a provision for liability that may never materialise of £3m too) meaning that the debts are more than the assets, but this is an asset that is owned by that office so they have in a crude way only spent £10million on the place. As if it were to go under they would still own the asset. Or as was said it would be turned into housing/commerical development again owned by the Tees Valley Mayoral office.