On 9 July 2026 Cabinet
Committee Group Company Governance:-
(i)
Noted the Department of Business and Trade’s
announcement that the Advanced Manufacturing Supply Chain Initiative scheme
will close to new loans and equity investment, and that the Council is awaiting
the Department of Business and Trade’s formal variation letter to confirm the
detailed future arrangements;
(ii)
Approved, in principle and subject to legal
review and receipt of the Department of Business and Trade’s formal
confirmation of the future arrangements, the revised Service Level Agreement
with Frontier Development Capital and Finance Birmingham Limited for the
administration of the current Advanced Manufacturing Supply Chain Initiative
portfolio;
(iii)
Approved the proposed closure of Finance
Birmingham Limited, including the taking of all necessary regulatory, legal and
governance steps to enable its Financial Conduct Authority deregulation and
subsequent voluntary liquidation, subject to legal advice and any required
approvals; and
(iv)
Authorised the City Solicitor, in consultation
with the Executive Director of Finance (s.151 Officer), to take all necessary
legal and procedural steps, and complete all required documentation, to
implement the decisions arising from the report.
THIS DECISION IS NOT SUBJECT TO CALL IN