Monday, 5 September 2016

'ROTTEN BOROUGHS' in Greater Manchester

  Greater Manchester Combined Authority's 'investments'
In the current issue of Private Eye on the ROTTEN BOROUGH'S page is an assessment of some recent 'investments' by an 'arms-length' unelected body the GMCA.

GREATER Manchester Combined Authority (GMCA), comprises of the bosses of the 10 local councils in Greater Manchester area.  It has of late, according to 'ROTTEN BOROUGHS' in Private Eye (1426), made some strange investments 'with the money it receives from central and local government and the European Commission, which to date has contributed £356m to its coffers (though not for much longer, thanks to Brexit)'. 

Number 1 odd investment:  £1 million in the Black Dress Company, of Ardwick Green, last May.  This company, which makes black dresses, a present has a net worth of £69,000 and combined losses of £230,000.

Number 2 odd investment:  £3 million in the sofa manufacturer Sofology of Wigan.  A company forced to change its name on being found guilty of breaching the copyright of DFS.  According to Private Eye the company's 'Chief exec. Jason Tydesley trousered a pay rise of £74,000, up to £349,000 from £275,000, on the change of name.'

Number 3 odd investment:  £1 to Zuto (formerly Car Loan 4U0... a motor finance company in Macclesfield.

The GMCA, which consists of the leaders of the ten councils that compose Greater Manchester, has 'invested' £165 million of public money into more than 90 companies since 2011.  At the same time most, if not all, the local councils have pushed through cuts in front-line services like libraries etc.  What a life!

1 comment:

Anonymous said...

It's even worse than presented. The most recent accounts for The Black Dress Company show negative net worth of £60k and cumulative losses of £555k. Sofology's most recent accounts show losses of C£400k (better than £12m the year before) and negative net worth of over £5m.