Chair of Peterborough Towns Fund board resigns over 'governance concerns'
The chairman of a board set up to spend £22.9 million of government money on development works in Peterborough has resigned.
Matthew Bradbury, who has been the chair of the Peterborough Towns Fund board since its creation in 2020, says he has quit because of concerns over the governance of the organisation.
Mr Bradbury is also chief executive of the Nene Park Trust and his resignation from the Towns Fund follows a council decision to withdraw an extra allocation of £1, 073,280 for the trust’s plans to create a £6 million climbing activity centre on parkland.
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The decision was taken by Peterborough City Council’s ruling cabinet on October 1 but came after two meetings of the Towns Fund board had agreed the extra funding should be awarded to the trust for activity centre.
A statement released by the trust for Mr Bradbury states “the reason for Mr Bradbury’s resignation as Chair of the Peterborough Towns Fund board is around concerns over the wider governance of the Board.
It adds: “These concerns were brought to a head by the recent reallocation process of funds by the council, effectively bypassing the Board.
"Mr Bradbury felt he couldn’t continue effectively as Chair with the decision-making process being taken away from the Board.”
"The decision-making process has caused me to lose confidence that I can continue effectively as Chair.’
The Towns Fund was originally set up by to monitor the spending of £22.9 million of Government cash on eight projects that were to enhance the economic growth and welfare of the city.
However, about £4.5 million was freed up earlier this year through the sale of the former TK Maxx store in Bridge Street and the Goods Shed at Fletton Quays.
But the decisions by the board to allocate the £1, 073,280 to the activity centre were overturned by cabinet.
Council leader Councillor Shabina Qayyum told members:that the business plans for the activity centre had changed and that there were other priorities that needed to be considered with the money shared between five other projects.
But the trust, which was prepared to soon start construction works, has now been forced to put the project on pause.