CHESHIRE West and Cheshire Council is shortly to receive its first repayment of funds invested by its County Hall predecessor in Heritable, the UK subsidiary of the ill-fated Iceland Landbanski.
Administrators have notified the council and its counterpart in East Cheshire that a total of around 80% of the original £8.5m investment by Cheshire County Council will be returned within a five year period.
Cheshire West and Chester will receive a estimated £584,433.86 pay out on Tuesday July 28 – the first of five annual instalments.
“The return of cash invested by the county council will, of course, be shared with the East, who will receive their own payment,” said Cllr Les Ford, (Con, Frodsham and Helsby), Cheshire West and Chester’s deputy leader and executive member for finance.
Cllr Ford added:”The Local Government Association has confirmed that the councils that acted before September 30, in accordance with Department for Communities and Local Government guidelines, acted prudently.
The next cash instalment from the administrators is scheduled for July next year and is estimated at £1.169m for Cheshire West and Chester and £1.387m for Cheshire East.