Meeting to discuss financial problems at business improvement company (From East London and West Essex Guardian Series)
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Waltham Forest Council says the E11 Business Improvement District Company has failed to show it can manage a financial shortfall
A meeting has been called to discuss evidence of financial mismanagement at a publically-funded company promoting business with close ties to Waltham Forest Council.
Questions have been raised as to whether the E11 Bid Company is financially viable after information came to light of undisclosed debts and accounting problems.
The company was set up in 2008 and the council collects a levy from around 280 businesses in the area on its behalf. It has also received public funds for other projects.
A letter distributed by the council earlier this month to levy payers said: “During negotiations with the E11 BID Company....the Council obtained information from the company relating to previously undisclosed debts and related issues. Some queries around Board governance also came to light.
“The Council have (sic) subsequently given the board a reasonable period of time to provide a satisfactory proposal to deal with the financing shortfall and the future governance of the company and unfortunately the Board have failed to satisfy the Council that the Board are able to deal with the financial shortfall.”
It added: “Our overriding priority now is to build on these improvements and to ensure we have the right conditions in place to facilitate long term economic growth in the borough. “
The meeting is at Leytonstone Library in Church Lane, tomorrow night from 7.30pm until 9pm.
Anyone attending is asked to notify Benjamin Woods at Benjamin.firstname.lastname@example.org or 020 8496 1912.
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