Coventry Council owned luxury hotel sees value plunge

Leaked documents have revealed that a luxury hotel owned by Coventry City Council has dropped in value by 88% since the council acquired the asset.
Coombe Abbey, bought by Coventry City Council for £9.1m in 2017, is now worth just £1.1m, according to a council report seen by the BBC.
The Warwickshire venue operated by No Ordinary Hotels has also lost £1.4m a year over the last two years, resulting in a complete lack of dividends for the council.
A private report detailing the authority’s private investments also revealed that the value of waste manager Tom White Waste has fallen by almost a third. The council purchased the firm for £14.9m in 2020 and its value now stands at £10.6m.
According to the BBC, plans for a new recycling facility have been abandoned by Tom White Waste, despite £500k of a council loan already spent on the project.
And in August, Cllr George Duggins (council leader) and Cllr Richard Brown (cabinet member for strategic finance & resources) revealed that local government stands on the precipice of financial disaster and Coventry is “facing the prospect of having to issue a Section 114”.
Coventry City Council has been contacted for comment.