The Joint Venture Company is a partnership between Craven District Council and Barnfield Investment Properties Limited.
Craven District Council holds 30% of the company and Barnfield holds 70%. The initial term of the partnership is for 15 years and voting rights will be split 50:50.
The aim of Craven Barnfield Regeneration Ltd is to improve the economic, social and environmental wellbeing of Craven.
A Joint Venture (JV) is a business agreement in which the parties agree to develop, for a finite time, a new entity and new assets by contributing equity. They exercise control over the enterprise and consequently share revenues, expenses and assets. It is now common practice for councils to form joint venture organisations, to help them to access skills that they may not have in house.
The aim of the Joint Venture is to improve the economic, social and environmental well-being of Craven. The Joint Venture will aim to enable the development of new employment and housing land, increase investment for development, maximise returns and create a revolving fund for future schemes, and increase the speed of project development and delivery.
The company is 30% owned by Craven District Council and 70% by Barnfield Investment Properties Limited and voting rights will be split 50/50. It will be managed by six directors who will form the Strategic Partnership Board, three directors from Craven District Council and three from Barnfield Investment Properties Limited. A rotating chairman will be nominated on an annual basis. The board will be supported by a Company Secretary, a finance officer from Craven District Council. Craven District Council and Barnfield will have equal voting rights.
The partner for the joint venture was selected following a strict and lengthy Official Journal of the European Union (OJEU) compliant Competitive Dialogue procurement process. Barnfield has the ability to deliver major regeneration projects that will make the difference to Craven’s economy. They have an excellent track record of partnership with other public sector joint ventures, such as in Hyndburn, Pendle, Burnley and Rossendale. They also have considerable experience of working with third party funding organisations such as Local Enterprise Partnerships, the Heritage Lottery Fund, and the Homes & Communities Agency. This added to a greater access to external financial investment could bring the required funding to regenerate marginal or non-viable schemes.