Agenda item

Report of the Director of Finance and Resources

The Scrutiny Co-ordination Committee considered a report of the Director of Finances and Resources, which set out performance against the business plan for the 12 month period from April 2024 to March 2024 for Coventry Municipal Holdings (CMH) and its subsidiaries, which include the following entities:

·  Coombe Abbey Park Limited, including

o  No Ordinary Hospitality Management Limited (NOHM)

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

·  Tom White Waste Ltd (TWW), including

o  A&M Metals and Wast Ltd (A&M)

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

·  Coventry Regeneration Ltd (CR)

·  Coventry Technical Resources Ltd (CTR)

·  No Ordinary Hotels Ltd (NOH)

A corresponding private report detailing confidential financial matters was also submitted for consideration (Minute 35 below referred).

The Committee noted that the report would be considered by the Coventry Shareholder Committee at its meeting scheduled for 4^th November 2025.

Coventry Municipal Holdings Limited was established in November 2021 as an intermediary parent company to manage the Council’s existing company investments.  This includes investments in Coombe Abbey Park Limited and Tom White Waste Limited, along with other smaller subsidiaries.

The Group Governance Agreement is a legally binding document that was entered into by the entities within the CMH Group.  It sets out the governance and reporting requirements for the group, which includes presenting a report on the annual performance for the group to the Coventry Shareholder Committee each year. 

Appendix 1 sets out the position in the Annual Performance Report.  In summary, in respect of Coombe Abbey Park Ltd, group achieved revenue of £11.3m during the year 24/25, with hotel revenues consistent with previous years but park retail and Go Ape slightly down on previous year. The cost base has been an area of focus with food and beverage costs being well controlled in line with budget across the board. There have 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 remain a key area of focus for the company. The investment in a rota management and payroll system in June 2025 has helped provide management with greater information to flex staffing levels in line with anticipated revenues. This remains a key area of focus in 25/26.

The performance of retail and leisure outlets managed by CAP subsidiary No Ordinary Hospitality Management (NOHM) is a key focus but included the continued success of Go Ape and the over performance of The Abbey Artisan Market compared to budget.

NOHM is continuing 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 audited accounts for the Coombe Abbey Group were signed and approved by the company Board of Directors on the 25th September 2025 and have been subsequently filed at Companies House.

With regard to Tom White Waste Limited, the first half of the year in 2024 was impacted by underperformance from April to September, affected by the decision to close one site and reduce sales resources. This led to a weaker financial position. From October to March the TW saw the financial performance improve.

The financial position changed in January 2025 as part of the sale and leaseback arrangement with Council for the operating site. The Council acquired the site and will receive a commercial rental each year over the 25-year lease term.

The company has 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 31st March 2025 have been signed off by Board of Directors.

TWW have continued to improve on key customer services 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 will create opportunities to trade additional material streams.

Members of the Committee asked questions and received answers from officers on the following:

·  Clarification on accounting technicalities

·  The trading positions of Tom White Waste and Coombe Abbey Park

·  Clarification on circumstances behind the VAT liability

·  Return on investment at St Mary’s Guildhall

·  The additional value provided by purchasing Coombe, including the extended offer to visitors to the park and increased income from parking fees.

·  Recognition of the pressures within the hospitality industry and the slower growth anticipated as a result.

In considering the report, the Committee requested that the summary available from Companies House is available within future reports.

RESOLVED that, the Scrutiny Co-ordination Committee note the report and support the recommendations to the Coventry Shareholder Committee.