Capital Investment Agreement

Description

Tunbridge Wells Borough Council (TWBC) is likely to have a budget of c£4.5 million of capital funding to spend on its Leisure Centres at St John's Tunbridge Wells, Putlands Paddock Wood and The Weald Cranbrook, comprised of £1,223,620 of s106 monies approved by its Cabinet on 25 September 2025 and a further £3.2 million to be agreed by its Cabinet on 25 June 2026. TWBC is currently negotiating the leases of the three Leisure Centres with Serco Leisure Operating Limited (Serco), for a term of 7 years. In order to ensure the capital funding is spent in the most efficient way, TWBC will be entering into an agreement with Serco for Serco to 1) manage the works and 2) contract with the necessary consultants and subcontractors. Serco will be acting on a not-for-profit basis and will procure the contracts as required by the Procurement Act 2023.