An item on the Resources Committee meeting agenda today through in Inverness:
19. Financial consequences resulting from the Co-operative Group
Ltd/Somerfield decision to refurbish but not expand their store in King Street, Nairn
There is circulated Report No. RES-140-10 dated 20 September, 2010 by the Corporate Manager (Inverness, Nairn, Badenoch and Strathspey) which outlines the financial consequences to the Council resulting from the Co-op/Somerfield’s decision not to expand their store in King Street, Nairn. In particular the report highlights the loss of the £800,000 capital receipt which had been due to be received by the Council from the Co-op/Somerfield.
The Committee is asked to note the financial consequences to the Council resulting from the Co-op/Somerfield decision on 3 September 2010 to withdraw from the Missives.