Cabinet voted on 11 September to recommend to Full Council that the borrowing limit for Repton Property Developments Ltd be raised to £40 million, with the draw-down period extended by five years to 2035.

Repton is one of four companies wholly owned by Norfolk County Council and has been trading for nine years. During that time it has returned a £2.5 million dividend to the council.

The Cabinet Member for Commercial Assets and Revenue Generation told members that without increasing the credit limit, Repton would be unable to proceed with profitable residential schemes planned to begin in 2027. The current borrowing cap was described as a practical constraint on the company moving forward.

The loan facility comes from the council itself, meaning Norfolk County Council acts as lender to its own subsidiary. Cabinet noted the arrangement and acknowledged that the existing limits could hold back schemes that would otherwise generate returns for the authority.

The recommendation now goes to Full Council for final approval. If agreed, the higher limit and longer availability window would give Repton significantly more flexibility to take on new housing projects across the county over the next decade.