Statement by Cllr Serge Lourie, Leader, at the meeting of the Council on 20 October 2009

12.01.00am BST (GMT +0100) Wed 21st Oct 2009

• [Oct 20]: Serge Lourie writes: THE Council has decided not to sign a contract on Twickenham Riverside before Summer 2010. This will enable the people of the borough to have their say in the local election next May.

We are proud of the Council scheme which provides extensive open space, the river centre, an improved playground and café enabled by the housing on a quarter of the land. It also pays for a major upgrade of the embankment all at no capital cost to hard pressed local council tax payers. It will also help to revitalise Twickenham.

The council's procurement programme for the redevelopment has slipped because of delays in the publication of Countryside Properties' accounts for the year to 30 September 2008. They were delayed because Copthorn Holdings, the parent company of Countryside Properties, like many large developers, had to undertake a significant refinancing exercise with its bankers in response to the economic downturn. This has been successfully completed and the company believes it is now well positioned to meet short term challenges and has considerable long term prospects. The accounts have been published and will now be subject to detailed review by the council.

The last audited accounts are over a year old. As I have pledged not to authorise the contract until I am satisfied that the accounts of Copthorn Holdings and Countryside Properties are in order, I have agreed with the Deputy Chairman of the company that we will not sign a contract until we have examined, with external advisers, the accounts to 30 September 2009. This is expected to be in Summer 2010.

The administration and Countryside Properties continue to be committed to this scheme, which will end 30 years of dereliction of this key riverside site, will contribute to the regeneration of Twickenham and will bring a range of community benefits, all at no capital cost to council tax payers.

• Background note: The accounts of Copthorn Holdings Ltd (the holding company of the Countryside Properties Group) for the year to 30.9.2008 [which were overdue] have been published. The company has been refinanced by a large 'debt for equity' swap: £186 million of loan capital was swapped for £183 million in share capital on September 25 2009; the effect of this is to add £185 million to shareholders' funds.

Copthorn Holdings owns 100 % of Countryside Properties PLC [which is dormant] which owns 100 % of Countryside Properties Ltd., which is the active trading company in the group and the one with which the Council will sign a contract next year if the scheme goes ahead.

Related Links:

• Dramatic halt to Twickenham Riverside plans [LG, 21st October]

• Lourie writes to RUG [Oct 10]

• Lies, damned lies and the so-called 'save our riverside' campaign [Oct 07]

• The history of the Twickenham Riverside site [Oct 07]

• Twickenham Riverside FAQ [May 06]

• Regeneration Plans for Twickenham Riverside Get the Green Light [May 01]

• Countryside Properties Group structure

• Countryside Properties Group News