News

Toucan proceeds will pay down over half a billion pounds of debt

21 February 2024
Thurrock Council has received just over £510m in payments following the sale of Toucan Energy Holdings which the council will use to pay down debt.
Cllr Andrew Jefferies, Leader of Thurrock Council, said: “This not only allows us to pay down a significant amount of debt, and reduces the borrowing costs associated with that debt, it also provides further clarity to our financial position as we continue to work towards Thurrock Council’s financial recovery.

Toucan Energy asset sale will reduce Thurrock Council debt

25 January 2024
The successful sale of Toucan Energy's solar portfolio will see Thurrock Council divesting a significant asset and allow the council to pay down hundreds of millions of pounds of debt.
Toucan Energy Holdings entered administration in November 2022, with Thurrock Council as the primary creditor.
It has today been announced that the portfolio of 53 solar farms has been acquired by Schroders Greencoat at a sale price of circa £700m. The sale will see a significant sum returned to Thurrock Council and is the single biggest contributor towards the council's financial recovery.

Financial regulator to carry out independent investigation into failed investment strategies

3 January 2024
The UK body that regulates auditors and accountants has today announced it will begin an investigation into an individual's conduct regarding the financial management of Thurrock Council’s failed investment strategies.
The Financial Reporting Council (FRC) has stated it will investigate the individual’s compliance with governance and professional standards relating to Thurrock Council's operations and investment activities for the financial years ended 31 March 2018 to 31 March 2022.

One year on - a time of change

1 September 2023
Major changes are happening at Thurrock Council to improve the way the organisation is managed, regain financial stability, and make the council fit for the future.
It is now a year since Thurrock Council was put into intervention by the Government, on 2 September 2022, in response to serious concerns about the council's financial situation.

Statement from Council Leader in response to BBC Panorama programme

1 August 2023
 
Full statement from Council Leader Andrew Jefferies in response to the BBC Panorama programme about Thurrock Council broadcast yesterday (31 July 2023).
Cllr Andrew Jefferies, Leader of Thurrock Council, said: "As a council we recognise that things went very wrong and our focus is on taking the necessary action to put that right.

Statement on publication of Best Value Inspection report

15 June 2023
Thurrock Council's new leader has responded to the findings of the Best Value Inspection report which has been published by the government today (Thursday 15 June 2023).
The report has been released following an independent investigation into the council's financial failure, which resulted in government intervention in September 2022.
The council has accepted the description in the report of an historic culture of poor leadership and a lack of transparency, which ultimately contributed to poor financial decisions.