A development company owned by Norfolk County Council has announced a £1 million dividend to the authority after a successful 2024/25.
Repton Property Developments’ lucrative financial year follows a £735,000 dividend paid out last year, bringing the total returned to the authority to more than £1.7 million in two years.
Cllr Jane James, cabinet member for innovation and corporate services for Norfolk County Council and Repton board member, said: “We are proud of what we’ve achieved in a relatively short time.
“Our lean operating model has allowed us to focus on quality, sustainability, and financial returns. This success has come in the face of significant economic turbulence including the COVID-19 pandemic, inflationary pressures, and the significant disruption to supply chains.
“We look forward to building on this success are we continue to develop sites across the county.”
The company, founded in July 2017, has sought to find value in underutilised council-owned land and buildings, while generating financial returns.
Cllr Andrew Jamieson, deputy leader and cabinet member for finance, said: “This £1 million dividend is a testament to the professionalism and prudence with which Repton has been managed.
“Councils must be especially careful when setting up property development companies, as they are working with public assets and taxpayer money. Repton’s success shows that, with the right governance and expertise, such ventures can deliver real value for local communities.”
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