Shetland Islands Council and Shetland Charitable Trust sign landmark deal

October 23rd 2018

Shetland Islands Council (SIC) and Shetland Charitable Trust (SCT) have today (Tues) signed a landmark deal which sees the local authority acquire Shetland Leasing & Property Developments Ltd (SLAP) for just under Â£17.5 million.

SLAP is a property investment and development company, and has been a wholly-owned subsidiary of SCT.

It owns the 8 North Ness building leased to SIC as well as Shetland College and the NAFC Marine Centre in Scalloway. Other assets in its portfolio include Scatsta Airport and buildings at the Greenhead in Lerwick.

The acquisition of SLAP’s portfolio, which nets an annual income of around £2 million, is a major investment for the SIC, and will also allow the Council to address a number of issues around its ongoing business, including the consolidation of Shetland’s colleges and the local authority’s own office accommodation.

Councillor Malcolm Bell is the SIC’s Convener: “I’m delighted to see this deal reach its conclusion. It has involved a lot of work for officers on both sides over the past months, and the benefits are significant for the people of Shetland. The Council contends every year with reductions in its government grant, and therefore has to maximise the return from its external investments to maintain the quality of its services. This is a rare opportunity to make a local investment which has the potential to give us significant returns for many years to come.”

Under the deal, SCT will receive a further £3.4 million in a final Gift Aid from SLAP.

Bobby Hunter, Chairman of SCT, said: “This is a deal that is mutually beneficial for both parties and is a great example of partnership working for the benefit of folk in Shetland. On behalf of Trustees I’d like to thank all those who have worked so assiduously to bring it to fruition.”

Ends

For more information, contact Malcolm Bell on 07775 407 775 or Bobby Hunter (SCT) on 01595 744994

Testimonials

The funding COPE Ltd receives from the Shetland Charitable Trust supports us in many ways. It allows us to develop and maintain a strong foundation to our core business and assists us to provide on-going employment skill development opportunities to people with disabilities living within Shetland. COPE Ltd highly values the support provided to our organisation by The Shetland Charitable Trust.

“The substantial grant made to us by Shetland Charitable Trust every year allows us to provide first-class facilities and dedicated staff to underpin sporting success among people of all ages and abilities in the islands.”

Having this core funding from the Charitable Trust means that we can use that money where we need it at any given time. It's multi-year funding which really takes the pressure off. To have the funding to keep going is really important as it is improving the lives of disabled folk in Shetland.

The funding that we get from the Charitable Trust pays for part of staff support and matching with other funders. Without local funders we wouldn't have national funders, and without either of those funders, we wouldn't be able to do this, so funding from the Shetland Charitable Trust is incredibly important.

The funding Shetland Arts gets from Shetland Charitable Trust is about making sure the organisation can thrive, access other funds, and deliver on behalf of the community of Shetland. Our funding from the Shetland Charitable Trust really helps us with our conversations with national funders because it shows that we're working on behalf of what the local objectives and priorities are.

The Access to Leisure scheme was introduced to allow folk to be able to get access to classes and activities for a lower cost. I feel that the SRT play a critical role in every community across Shetland and that's all down to the funding of the Shetland Charitable Trust that we're able to maintain that.

Unpaid carers do an amazing job looking after people 24/7 in their own homes, keeping them living at home safely, and they really need help to do that. Thanks to the funding from Shetland Charitable Trust, we've been able to employ a deputy manager, recruit more care attendants, and provide overnights. We're also really grateful for the funding because it means that everybody can get the service for free.