• Home
  • All News
  • About Us
  • Contact Us
  • Submit an article
We Are South Devon
Advertisement
  • Home
  • All News
  • About Us
  • Contact Us
  • Submit an article
No Result
View All Result
  • Home
  • All News
  • About Us
  • Contact Us
  • Submit an article
No Result
View All Result
We Are South Devon
No Result
View All Result
  • Home
  • All News
  • About Us
  • Contact Us
  • Submit an article

Discussions to be held over the acquisition of Kier shareholding in TOR2

We Are South Devon by We Are South Devon
June 22, 2018
in Community News

Following a decision taken by full Council on Thursday 21 June, Torbay Council has agreed to enter into detailed discussions with Kier to facilitate the acquisition of Kier’s shareholding in TOR2.

Set up as a joint venture company, TOR2 was established in July 2010 and is owned by two shareholders; Kier Integrated Services Ltd, holding 80.01% of shares and Torbay Council holding 19.99% of shares.

RelatedPosts

Torquay’s 170 Pubs & Clubs

The Devil and his Dogs at Daddyhole

Over 800 clubs signed up to get 20,000 people playing bowls across the nation

The original 10 year contract is due to end in July 2020, but both parties have agreed in principal that Torbay Council will acquire Kier’s shares in the company making the Council the sole owners of TOR2. This proposed acquisition is, of course, subject to appropriate due diligence taking place.

This approach will enable the Council to take complete control of TOR2 before the end of the existing contract, and possibly by the end of 2018. Taking full ownership of the company will allow the Council to set the future direction of TOR2 at a time when balancing service delivery and cost in a challenging economic environment is of paramount importance.

Torbay Council and Kier Group are committed to providing the best outcomes for the people of Torbay, and will continue to work collaboratively to that end over the coming weeks and months.

Torbay Councillor Derek Mills, who is the Executive Lead for Planning and has responsibility for TOR2, said: “The Council continues to face many challenges so it is vitally important that we make the best use of all our resources. Taking full ownership of TOR2 will give us much more flexibility over setting the future direction of the company and delivering the best services we can for our residents.”

Kier Highways Finance Director Joe Incutti, who is the Chairman of the TOR2 Board, said “Kier is wholly committed to supporting Torbay Council to ensure the best possible outcome for the people of Torbay and the employees of TOR2. We will work with Torbay Council supporting our teams and looking to ensure that any future changes to TOR2 are both smooth and seamless.”

You can join us on our social media pages, follow us on Facebook or Twitter and keep up to date with whats going on in South Devon.

Got a news story, blog or press release that you’d like to share or want to advertise with us? Contact us

Related Posts

Torquay’s 170 Pubs & Clubs
Community News

Torquay’s 170 Pubs & Clubs

May 12, 2025
The Devil and his Dogs at Daddyhole
Community News

The Devil and his Dogs at Daddyhole

May 11, 2025
Over 800 clubs signed up to get 20,000 people playing bowls across the nation
Community News

Over 800 clubs signed up to get 20,000 people playing bowls across the nation

May 9, 2025
Community News

Transformation of Paignton Picture House Begins, backed by Torbay Council

May 9, 2025
Torbay to celebrate Foster Care Fortnight (12 – 25 May)
Community News

Torbay to celebrate Foster Care Fortnight (12 – 25 May)

May 9, 2025
Devon housebuilders champion smarter water use during Water Saving Week
Community News

Devon housebuilders champion smarter water use during Water Saving Week

May 9, 2025
  • Home
  • All News
  • About Us
  • Contact Us
  • Submit an article

© 2023 We Are South Devon Brought to you by Griffiths Networking

No Result
View All Result
  • Home
  • All News
  • About Us
  • Contact Us
  • Submit an article

© 2023 We Are South Devon Brought to you by Griffiths Networking