Councillors have branded the financial handling of BCP FuturePlaces Ltd “despicable”, “disgusting” and “diabolical” during a heated audit and governance committee meeting on 6 November.
The internal investigation report revealed that the council-owned regeneration company recorded £7,205,442 in expenditure against £4,728,751 in council income and a £100,233 grant, leaving trading losses of £2,376,458.
Members examined where the money was spent, including consultancy fees, bonuses and the use of a £100,000 Additional Restriction Grant (ARG4). Councillor Margaret Phipps said she was appalled by how the grant had been used, calling it “absolutely ridiculous” and saying it “should never have happened.”
Councillor Sara Armstrong said she was “shocked” the grant was overspent by £28,000, while Councillor Marcus Andrews questioned whether proper tendering had taken place for the £3.1 million paid in consultancy fees.
Nigel Stannard told the committee the council had effectively paid for “all £7.2 million worth of expenditure,” including what was later written off as not useful.
Further discussion on the remaining sections of the report is expected at a follow-up meeting in December, subject to councillor availability.
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