Work to establish a Local Authority Trading Company (LATCo), a wholly owned trading arm of Southampton City Council which generates surplus to reinvest in services, has taken a step forward.
The public, partners and staff have provided their feedback on the proposals through a formal consultation process which ended on 13 July. The feedback has now been compiled and will be discussed at a Cabinet meeting next Tuesday (15 August).
The consultation sought views on the principle of creating a LATCO, the services the LATCo might deliver, and whether to develop the company with or without external ‘improvement partners’.
The consultation feedback showed that 63% agreed to create a Local Authority Trading Company and the majority of respondents (57%) said they felt that the council should establish a LATCo without any external improvement partners. Based on this feedback the council is proposing to go ahead with the creation of a LATCo without improvement partners, and will be looking at how to ensure the necessary capacity and expertise are available to make it a success.
More detailed plans will be taken to Cabinet in January 2018, after which time further consultation with residents, tenants and staff is expected.