Agenda item

Report of the Director of Finance and Resources

The Coventry Shareholder Committee considered a report of the Director of Finance and Resources, that set out the annual performance from April 2024 to March 2025 for Coventry Municipal Holdings (CMH) and its subsidiaries.

A corresponding private report detailing confidential financial matters was also submitted for consideration (Minute 16 below refers).

Coventry Municipal Holdings was established in November 2021 as an intermediary parent company to manage the Council’s existing company investments, which includes:

·  Coombe Abbey Park Limited (CAP) and two subsidiaries

o  No Ordinary Hospitality Management Ltd (NOHM)

o  Coombe Abbey Park (LACo) Limited (CAP LACo)

·  Tom White Waste Limited (TWW) and two subsidiaries 

o  A&M Metals and Waste Limited (A&M)

o  Tom White Waste (LACo) Limited (TWW LACo)

·  Coventry Regeneration Limited (CR)

·  Coventry Technical Resources Limited (CTR)

·  No Ordinary Hotels Limited (NOH)

The Group Governance Arrangement (GGA) is a legally binding document that was entered into by the entities within the CMH Group. It sets out the governance and reporting requirements fort he Group, which includes presenting a report on annual performance for the Group to the Coventry Shareholder Committee.  Appendix 1 set out the position in the Annual Performance Report, with further details included within the corresponding private report.

In summary, the CAP Group achieved revenue of £11.3m during 2024/25, with hotel revenues consistent with previous years, but park retail and Go Ape slightly down on the previous year.  The cost base had been an area of focus with food and beverage costs being well controlled in line with budget across the board.  There had been additional costs in relation to maintenance costs associated with operating a Grade One Listed building and inflationary increases in the cost of staffing.  Payroll costs remained a key area of focus for the Company.  The investment in a rota management and payroll system in June 2025 helped provide management with greater information to flex staffing levels in line with anticipated revenues.  This would remain a key focus for 2025/26.

The performance of retail and leisure outlets managed by CAP Subsidiary NOHM was a key focus but included the continued success of Go Ape and the over performance of the Abbey Artisan Market compared to budget.  NOHM continued to operate a sales and marketing agreement at IXL Events Centre and identify ways to grow revenues and improve margin at other outlets across Coombe Abbey Hotel, St Mary’s Guildhall and the War memorial Park.  NOHM’s primary focus was on strengthening existing retail and leisure activities, particularly given the need to manage pressures on the core hotel business.

The Committee noted that the audited accounts for the Coombe Abbey Group were signed and approved by the Company Board of Directors on the 25^th September 2025 and had been subsequently filed at Companies House.

In respect of TWW, the first half of the year in 2024 was impacted by underperformance from April to September, affected by the decision to close one side and reduce sales resources.  This led to a weaker financial position.  From October to March, the TWW saw the financial performance improve.  The financial position changed in January 2025 as part of the sale and leaseback arrangement with the Council for the operating site.  The Council acquired the site and receive a commercial rental each year over the 25-year lease term.

The Company ended the year with revenue of £21.8m and a cash generated profit of £1.26m.  The cash balance at the end of the year was £3.2m compared to the £0.2m the year before.  The accounts for the year ending 31^st March 2025 had been signed by the Board of Directors and were summarised at Appendix 1.

TWW had continued to improve on key customer service metrics, achieving 98% service success and 98% call availability (both up from 96%).  TWW also achieved FORS Silver operator status for their haulage service.  In September 2025, TWW received confirmation of the new permit issued by the Environment Agency, which would create opportunities to trade additional material streams.

The Committee noted that the report had also been considered by the Scrutiny Co-ordination Committee at its meeting held on 30^th October 2025 and had supported the recommendations (their minute 31/25 refers).

RESOLVED that, subject to the consideration of the additional confidential information contained in the corresponding private report (Minute 16 below refers), the Coventry Shareholder Committee:

1.  Note comments from the Scrutiny Co-ordination Committee.

2.  Accept the performance assessment provided by Company Management in the Annual Performance Report for the CMH Group for the year ended 31st March 2025.