Gloucester City Council has ruled out any “fire sale” of its assets as it begins exploring the potential sale of land on Eastern Avenue to help repay a government emergency loan that rescued the council from financial collapse.
Earlier this year, the council received £15.5 million in exceptional financial support (EFS) from the Government to balance its budget and avert effectively going bankrupt. As part of its financial recovery plan, selling or better monetising council-owned properties is being considered.
Council leaders have agreed to initiate preparatory work, including appointing an external agent, to assess the viability of selling buildings and land around the council’s depot on Chase Lane. However, no final decisions have been made, and the exact properties under consideration have not been officially disclosed.
Finance cabinet member Declan Wilson emphasised that this early stage of the process does not commit the council to any sale. “Our financial recovery plan requires us to carefully evaluate our property assets to determine if selling them could generate capital or reduce ongoing liabilities,” he said.
Wilson added that a detailed report with evidence and recommendations would be presented to the cabinet before any sale decisions are made.
Council leader Jeremy Hilton highlighted the council’s commitment to a thorough, methodical process, stating, “We will find out whether it is viable for us to sell this land at Eastern Avenue. This proves that the council is not about doing a fire sale. Instead, we will ensure assets are marketed properly to maximise income.”