Decision Maker: Assistant Director for Regeneration and Economic Development
Decision status: Recommendations Approved
Is Key decision?: No
Is subject to call in?: No
This report seeks approval under delegated
authority for the award of a loan to Original Iree Island Bakery
Limited in the sum of £128,994.00 (one hundred and twenty
eight thousand and nine hundred and ninety four pounds) for the
purpose of the expansion of the current business and the
introduction of a more efficient method of production at Unit B07,
Leyton Industrial Village, Argall Avenue, London E10 7QP, subject
to approval of appropriate license(s), planning permission should
it be required
The business will use the loan to increase its
workspace and purchase new machinery and equipment. The proposed
expansion of the business will take place in two phases. The first
phase will involve creation of a mezzanine floor to move the
current offices and storage facilities to the mezzanine floor
making room for new production machinery and a blast freezer and
undertaking the necessary infrastructure and building works to
increase production and introduce new products.
The project will:
• Create (at least) 6 jobs and 5 apprenticeship placements
across the term of the loan;
• Create 1,344 sq ft of employment space.
Officers’ recommendation was approved by the PVF Advisory
Group on 6th October 2021 meeting following evaluation of a funding
application by officers and review and assessment by an independent
external agency.
The recommendation is to award Original Iree Bakery Limited a loan
for the value of £128,994.00
This project has been recommended for approval
based on the evaluation of an application and business plan
solicited through an open bidding round.
PVF has been set up on the recommendations in the Upper Lee Valley
Productive Valley Strategy and Opportunity Area Planning Framework,
developed by Haringey, Enfield and Waltham Forest to help small
local businesses gain access to affordable finance to enable them
to grow and new businesses to locate in the area, addressing the
major market failure of a decrease in the supply and affordability
of commercial space, particularly in industrial estates, creating
wider positive benefits through the intensification of employment
areas and increasing business rates income. It will protect and
enhance the commercial viability of these industrial areas by
providing affordable loans for premises' refurbishment and
increased/more efficient production.
Not offering this loan to the applicant will result in the company
moving out the Upper Lea Vally area. The company needs to grow to
meet the demand for its products and services. Without the loan the
company will have to relocate to another part of London. Such a
move will be detrimental to the regeneration of the area and will
undermine the efforts of the cross borough partnership and the
Upper Lee Valley Productive Valley Strategy and Opportunity Area
Planning Framework. Not offering the loan would also impact on
grant agreement with the City of London and in meeting PVF
targets
Publication date: 21/03/2024
Date of decision: 27/10/2021
Accompanying Documents: