Waltham Forest Business Board

Leytonstone’s E11 BID Co: still more controversy

July 23, 2018 Cllr. Clyde Loakes, E11 BID Co., Waltham Forest Business Board

Over the years, this blog has regularly reported on the travails of the E11 BID Co. Ltd. (hereafter BID ONE), a private company that was specially set up in 2007 to run Leytonstone’s Business Improvement District (BID). In some ways, that this has been merited is quite surprising. The financial and operating model that BID ONE initially set out to follow was hardly complicated. As part of the legislation that set up the BID area, LBWF was charged with collecting an annual levy (calculated as a percentage of rateable value) from local traders, and then passing it over to BID ONE. All BID ... »

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The E11 BID Co. apparently set to close, but big questions remain

June 2, 2017 E11 BID Co., Uncategorized, Waltham Forest Business Board

Word reaches me that the E11 BID Co. directors have decided to throw in the towel, and shut their company at Christmas. If true, this is good news, for although the E11 BID Co. claims to have put its disaterous past behind it, there are still enough flaws in its functioning to give grave cause for concern. Well-run companies, for example, submit their accounts on time. But the visitor who looks up the E11 BID Co. at Companies House today is greeted by the following: Meanwhile the E11 BID2 Ltd. remains as big a mystery as ever. We know that LBWF now feeds this recently created entity the BID le... »

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STOP PRESS: the E11 BID Co. heads towards being struck off

June 10, 2016 E11 BID Co., Fawaad Sheikh, Waltham Forest Business Board

According to a document made public at Companies House, reproduced below, the E11 BID Co. is now threatened with being compulsorily struck off and dissolved. This blog has covered the troubled and troubling E11 BID Co. before (see links below). The issue now seems to be that the company missed the deadline for filing its 2014-15 accounts, which was 31 March 2016. It really does seem extraordinary that directors who are entirely dependent on other people’s money cannot manage the elementary step of filing properly. Little wonder that those traders in Leytonstone who are forced to financed... »

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North London Ltd. and a shortfall of £101,822

November 24, 2015 North London Ltd., Waltham Forest Business Board

Some significant new evidence has just emerged about North London Ltd. (NLL). In general terms, NLL continues to intrigue. For here is a private company that was paid hundreds of thousand of pounds by public authorities (including LBWF, some directly, and some routed through the Waltham Forest Business Board’s Waltham Forest Business CIC); handed its directors generous remuneration and other benefits (a whacking £314,897 in the three year period 2004-07 alone); but left an unexpectedly faint footprint in terms of recorded outputs and accomplishments. Indeed, up to now, in truth, it has b... »

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The E11 BID Co. and the re-ballot of 2012: was there full disclosure?

August 14, 2015 E11 BID Co., Fawaad Sheikh, LBWF, Waltham Forest Business Board

The second argument advanced by the refusniks at court can be summarised as follows. Argument Two: at the 2012 re-ballot, the E11 BID Co. failed to make full disclosure, calling into question the validity of the result 1. What follows is based upon two different pieces of evidence. 2. First, under the terms of the Baseline and Operating contracts that they signed in 2008, LBWF and the E11 BID Co. had various obligations, and in particular agreed to: (a) set up a Standard Services Review Panel, which was to meet at least two times ‘in each calendar year…throughout the duration of the BID Term’;... »

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The E11 BID Co. and its debts: the evidence

August 14, 2015 E11 BID Co., Fawaad Sheikh, LBWF, Waltham Forest Business Board

Over recent years, the E11 BID Co. has regularly been in the news, mainly for the wrong reasons. The latest, and most unsavoury episode, saw LBWF, operating on behalf of the E11 BID Co., take local Leytonstone businesses to court, gain a successful adjudication, and then call in the bailiffs, with the Waltham Forest Guardian reporting as follows: http://www.guardian-series.co.uk/news/13506732.Bailiffs_try_to_remove_chairs_and_tables_from_popular_restaurant_in_battle_over_E11_Bid_fees/ This post and its successor look at some of the background. Briefly, for those who don’t follow these th... »

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The Waltham Forest Business Board and North London Ltd hit the buffers?

July 23, 2015 Argall Car Parks, E11 BID Co., North London Ltd., Waltham Forest Business Board

In several previous posts, I’ve looked in detail at some of the organisations that purport to represent business in the borough, particularly the Waltham Forest Business Board, and North London Ltd. It is fair to say that few of my observations have been very favourable. For example, I’ve never quite got my head around the fact that in the three years immediately after the directors of North London Ltd. had initially accessed copious sums of public money in 2004, the ‘Directors’ emoluments’ column in their annual accounts reached £161,387, before receding to £66,8... »

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Private Eye reports the E11 BID Co.

June 18, 2015 E11 BID Co., Fawaad Sheikh, North London Ltd., Private Eye, Waltham Forest Business Board

A little bit out of sequence, but for those who didn’t see it, this story (see ‘Lost in the Forest’, centre column, bottom) is interesting on LBWF and the E11 BID Co., the subject of previous posts. Its from Private Eye no.1388, 20 March-2 April 2015. »

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Disposing of Council assets: the Waltham Forest Business Board and the Argall car parks

February 16, 2015 Argall Car Parks, Waltham Forest Business Board

Councils inevitably dispose of unwanted public assets from time to time, and it is always interesting to discover exactly how they do so, and who benefits. The following is a tale of what happens in Waltham Forest, and as might be predicted, it  provokes more questions than it answers.  On 14 June 2011, the LBWF Cabinet agreed to lease the Argall Avenue car parks to ‘BID’, a fair assumption being that the latter was the Argall Business Improvement District Co., which operated on the modest industrial estate of the same name (see the Cabinet paper of that date, Appendix B, p.1). The car parks b... »

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LBWF, the Local Authority Business Growth Initiative programmes, and the Waltham Forest Business Board, E11 Bid Co., and North London Ltd.

February 13, 2015 Argall Car Parks, E11 BID Co., North London Ltd., Waltham Forest Business Board

A couple of years ago, I started hearing some very surprising things about Leytonstone’s Business Improvement District (BID) company, the E11 Bid Co.. The allegation, in short, was that the directors of the company had failed to keep proper books and neglected to pay their taxes; run up substantial debts; and as a consequence jeopardised the company’s ‘going concern’ status. I had always been suspicious about the E11 BID Co. because there was a lack of transparency about its operations, and a lot of obvious flannel about its alleged successes. I knew that councillors (i... »

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