I understand that the council has recently transferred one or more of its properties to the Waltham Forest Business Board (WFBB) in order to guarantee the latter an income stream.
One problem about this transfer is that it appears to have taken place behind closed doors, and so the terms and conditions are not subject to public scrutiny.
In addition, it is by no means clear why the WFBB should be thought a suitable beneficiary. It is not a charity, nor does it publish its constitution and minutes. It claims to ‘represent’ local businesses, but seems to have a tiny membership.
What is known of its activities is that it has exercised stewardship over the E11 BID Co. and has links to North London Ltd – hardly a recommendation given the descent of both these firms into insolvency, the one because of chronic mismanagement, the other because of pressure from creditors.
Given that this episode follows on from the revelation that the council has gifted hundreds of thousands of pounds worth of public money to business organisations in the borough without contracts or monitoring, local residents surely have good reason to be very concerned.
Nick Tiratsoo, Odessa Road, E7