Decision details

To authorise Officers to agree variations on an annual basis, to the calculation of the Net Profit for Thermae Bath Spa (the Spa) with the operator TDC, on the basis these are beneficial to the Council’s financial and property interests.

To authorise Officers to agree variations on an annual basis, to the calculation of the Net Profit for Thermae Bath Spa (the Spa) with the operator TDC, on the basis these are beneficial to the Council’s financial and property interests.

The approach will provide the opportunity to reflect operational changes at the Spa in the calculation of the profit share to ensure both parties are incentivised to deliver additional financial performance.

Alternative options for changes to the profit share have been considered, including a revision to the original contractual documents.  This was felt to be inappropriate given the developing nature of the Spa operation and the underpinning requirement to ensure any annual variations would provide additional financial benefits beyond that reflected in original documents.