Item 7 - Update on activity by Clydebank Property Company Ltd
West Dunbartonshire Council · 4 February 2026
Back to Infrastructure, Regeneration & Economic Development Committee — 4 February 2026 and its agenda
Text extracted from the council's PDF. Layout and reading order may differ from the original.
Page 1
WEST DUNBARTONSHIRE COUNCIL Report by Chief Officer: Resources Infrastructure Regeneration and Economic Development Committee: 4 February 2023 ___________________________________________________________________ Subject: Update on activity by Clydebank Property Company Limited 1. Purpose 1.1 The purpose of this report is to update the Committee on the financial position of Clydebank Property Company following completion of the audit of the 2024/25 accounts. 2. Recommendations 2.1 It is recommended the Committee notes: (i) Clydebank Property Company returned a 2024/25 net loss of £0.060m (ii) as at 31 March 2025, Clydebank Property Company has total reserves of £2.883m of which £2.464m are non-distributable and £0.419m are distributable. 3. Background 3.1 In 2014 Clydebank Rebuilt closed its operation. As part of this closure West Dunbartonshire Council agreed to purchase its assets to allow those assets to continue to serve the business needs of the Clydebank Community. Details can be found in the background paper to the IRED Committee on 17 September 2014. 3.2 Updates on the progress of activity of Clydebank Property Company have been provided to the IRED Committee since November 2017. 4. Main Issues 4.1 A report was submitted to the IRED Committee on 27 September 2022 to note the activity on both property and Titan Crane. 4.2 The tender process for repainting the Crane concluded on 25 September 2024, with two submissions received at £1.129 million and £7.364 million respectively. Following a review of these costs, Clydebank Property Company determined that full repainting works will remain on hold at this time. Instead, the focus will be on undertaking essential maintenance and repairs to the ITEM 7
Page 2
structure, while ensuring that the navigational lighting continues to operate effectively. 4.3 Clydebank Property Company continues to actively explore potential funding streams to support the future refurbishment and reopening of the Crane. 4.4 Occupancy levels across Clydebank Property Company’s commercial and industrial portfolio remain strong, with the majority of units fully let. This performance is particularly positive given the wider national trend of declining occupancy rates in similar sectors. The sustained demand for space within Clydebank reflects the area’s resilience and attractiveness for businesses, supported by ongoing regeneration efforts and strategic location advantages. High occupancy continues to contribute to stable rental income and underpins confidence in the local economy. 5. People Implications 5.1 There are no people implications arising from this report. 6. Financial and Procurement Implications 6.1 Following the year end, the distributable reserves as detailed below: Profit/(Loss) Reserves Dividend paid post year end 2023/24 (£0.20m) £0.544m £0.050m 2024/25 (£0.06m) £0.419m £0.050m 6.2 The year end financial position of a loss in year of £0.06m noted in 6.1 is after taxation and an upwards revaluation to investment properties of £0.020m. The taxation charge of £0.033m includes Corporation Tax of £0.007m and a re-measurement of Deferred Tax for changes in tax rates of £0.026m. The Deferred Tax is an estimate of the amount of tax payable in respect of the taxable profit for future reporting periods if the assets were sold. The Deferred Tax is held as a liability in the accounts and is not actually paid until the property is sold in a future accounting period. In 2024/25 the rate of Corporation tax assumed remains at 25%. FY 2024/2025 £m Loss on ordinary activities (0.047) Profit on revaluation of investment properties 0.020 Net Trading Profit (0.027) Net tax position (0.033) Net (loss) for the year (0.060)
Page 3
6.3 The primary reasons for the in year loss of £0.060m are set out in the table below. 6.4 Following the year end, the Company now holds £2.464m of non distributable reserves and £0.419m of distributable reserves as detailed in the table below: Non Distributable Reserve (£m) Distributable Reserve (£m) Total Reserves (£m) At 1 April 2024 2.449 0.544 2.993 Dividend paid 0 (0.050) (0.050) Remaining reserves 2.449 0.494 2.943 (Deficit)/Surplus for 2024/25 0.020 (0.047) (0.027) Adjustment for taxes (0.005) (0.028) (0.033) At 31 March 2025 2.464 0.419 2.883 The £2.464m of non-distributable reserves are due to changes to valuations of investment properties and are consequently not cash based. 6.5 The expectation is that the organisation will generate a surplus which should generate a dividend to the Council. The Council's budget assumed a dividend would be received from Clydebank Property Company each year from 2016/17 onwards (future projections assume £0.050m per annum). The company has continued to trade with increased levels of operational estate being let and following the approval of the audited accounts the Board has agreed to provide the Council with a dividend of £0.050m. 6.6 The Council acquired Clydebank Property Company for £273,000 as an investment, which was substantially lower than the maximum sum approved by Council of £800,000. Since its acquisition CPC has absorbed new costs charged from the Council associated with the running of its assets. This has inevitably reduced the surplus position of CPC, however the services would have been required to have been funded from elsewhere if not provided by the Council. 6.7 There are no procurement issues associated with this report. 7. Risk Analysis 7.1 The ownership of Clydebank Property Company is a low-level risk to the Council. The purchase price was minimal, given the assets owned by Impact £m Running costs and impairment of Titan Crane (0.234) Gain on disposal of John Knox Street plot 0.187 Revaluation of Investment Properties 0.020 Deferred tax charge (0.033) (0.060)
Page 4
Clydebank Property Company . The ongoing position is likely to remain favourable with likely dividends being provided to the Council. 7.2 The main risk to Clydebank Property Company and therefore the value of the Council’s ownership lies in the Titan Crane and the potential for significant costs should any major structural repairs, etc. be required. Clydebank Property Company attempts to mitigate against this risk by maintaining the crane and undertaking appropriate inspections on a regular basis. 8. Equalities Impact Assessment (EIA) 8.1 No significant issues were identified in relation to equality impact screening previously carried out. 9. Strategic Environmental Assessment 9.1 A Strategic Environmental Assessment is not required 10. Consultation 10.1 Consultation was undertaken with officers within Regulatory & Regeneration, Resources, and Citizen, Culture & Facilities. 11. Strategic Assessment 11.1 The company will continue to significantly contribute to improving economic growth and employability; and improving local housing and environmentally sustainable infrastructure. Laurence Slavin Chief Officer: Resources Date: 5 January 2026 Person to Contact: Michelle Lynn, Asset Manager Email: michelle.lynn@west-dunbarton.gov.uk Appendices: None Background Papers: Clydebank Rebuilt – Conclusion to the Purchase of Clydebank Property Company – Infrastructure, Regeneration and Economic Development Committee – 17 September 2014 Wards Affected: Ward 6