Decision details

This report seeks approval under delegated authority for the award of a Productive Valley Fund (PVF) loan to Berol Collaborative Limited for the sum of £400,000 (four hundred thousand pounds), under Contract Standing Order 17.3 (Approval for Payment of Grants from the Council to External Bodies).
This report also seeks approval under delegated authority for the award of a grant under the Opportunity Haringey Workspace Fund to Berol Collaborative Limited for the sum of £1,447,100 (one million, four hundred and forty-seven thousand one hundred pounds), under Contract Standing Order 17.3 (Approval for Payment of Grants from the Council to External Bodies). This grant contributes to the match funding requirements for the Department for Levelling Up and Housing’s Future High Street Fund grant (£10m) that the Council has already received. The Cabinet Member decision of the 12th March 2024 gave delegated authority to the Director of Placemaking and Housing to approve the final funding agreements for the recommended workspace projects for the Opportunity Haringey Workspace Fund.

Workspace is a key priority theme of Opportunity Haringey, Haringey Council’s Inclusive Economy Framework. Inflationary pressures, rising utility costs and redevelopment of some workspace sites is limiting the ability for workspaces to thrive, expand and to provide affordable price points. There is demand for employment space in Haringey, but we have a limited land supply, a need for more workspace, and a prevalence of low to average quality properties. A priority of Opportunity Haringey is the Opportunity Haringey Workspace Programme to increase the provision and quality of workspace in the borough.
The project aims to support 700 businesses supported, 3,500 jobs supported and 14,679 sq. Ft. new or improved commercial floor space. Co-working membership prices will be based on being more affordable than the London-wide average.
Berol Collaborative Limited agree to pay all staff London Living Wage or achieve this through the loan repayment period

The Council could decide to not grant a grant and PVF loan to Berol Collaborative Limited which could result in less workspace in the area and a decrease in footfall in the area.