The Executive Director of Resources submitted a report to the Committee acting as shareholder of Reading Transport Ltd (RTL), presenting at Appendix 1 an Operational Update submitted by the Company in respect of its reporting obligations.  The covering report set out the key points and recommendations arising from the Company’s update.

Resolved –

(1)      That the Policy Committee acting as Shareholder of Reading Transport Ltd note:

(a)      The contents of this report in considering the Company’s performance update as attached to the report at Appendix 1;

(b)      RTL’s provisional management accounts for the 20 months ended 5th April 2020;

(c)      That the Council would formally write to RTL setting out viable options and timescales for the restructuring of the remainder of the debt owed to the Council;

(d)      The financial position of RTL, as set out in Section 4 of the report, and the action being taken to secure the continued success of the Company into the future.