Saving a Town-centre Project in the Recession: How Bury Council in Greater Manchester used Smart Financing through a Limited Liability Partnership

Abstract

Bury is a Metropolitan Borough situated in north Manchester. Whilst the centre and south of the Manchester conurbation have benefited from notable economic growth, this has not been so in the north due to its continued reliance on a depleting manufacturing base. Bury in particular has become suburbanised with few significant private sector employers, and with low income domestic employment contrasting with relatively high income, out-commuting, city-centre based jobs. The town has a good transport infrastructure, but low inward investment except for housing. Bury's main assets are high achievement levels in its schools and colleges, the famous Bury Market, which attracts 12 million visitors per year, and a pleasant environment. The Times described it as ‘a friendly town, with plenty of character, and very convenient for Manchester’.

Notes

¹ Limited Liability Partnerships were introduced in 2001. Unlike ordinary partnerships, the LLP is liable for its debts only to the extent of its own assets, like a Limited Liability Company. There is no recourse to the assets of the individual partners. However, the LLP retains much of the flexibility of normal partnerships in matters such as structure, decision-making and the taxation of profits. The LLP therefore provides a useful vehicle for public/private partnerships. Like limited companies, LLPs must make an annual return to Companies House.