Decision details
Opportunity Investment Fund – award of contract to Pressure Drop Brewing Ltd
Decision Maker: Director for Regeneration
Decision status: Recommendations Approved
Is Key decision?: No
Is subject to call in?: No
Decision:
This report was approved under delegated
authority for the award of a loan agreement to Pressure Drop
Brewing Ltd for the value of £155,000 subject to the approval
of planning permission for change of use.
The business will use the loan in order to refurbish the property
to operational standards and to purchase new equipment. Works
include a new tiled floor, removal of an existing mezzanine,
general renovation of the unit, installation of a new 32HL brewery,
fermenting tanks, steam systems and cooling systems, cold rooms,
storage facilities and a packaging line. They also intend to make
the most of the additional operating space by installing a tap
room, open to the public.
OIF will be used specifically for the building works including an
epoxy screed and tiled floor and drainage works, which will cost
around £90,000 and purchase and installation of a steaming
and cooling system (£65,000).
Reasons for the decision:
Officers’ recommendations have been
approved by the Tottenham Programme Delivery Board on 6 February
2017, following evaluation of a funding application by officers,
including the OIF Advisory Group made up of officers from LBH and
GLA.
The recommendation is to award Pressure Drop Brewing Ltd a loan
agreement for the value of £155,000 subject to the approval
of planning permission for change of use.
Alternative options considered:
The project has been recommended for approval
based on the evaluation of an application and business plan
solicited through an open bidding round.
The evaluation process is set out in the OIF application pack and
assesses applicants’ proposals on the contribution to core
criteria of the fund, strategic objectives as set out in the
Tottenham Strategic Regeneration Framework and the financial and
operation competency of the applicant.
Publication date: 18/07/2017
Date of decision: 20/03/2017
Accompanying Documents: