THE transfer of Spalding’s £6.5million Red Lion Quarter to Boston College will recoup the £138,157 loss sustained by the company set up to manage the business.
The financial details of the transfer are commercially confidential but South Holland District Council has confirmed it will recover losses incurred when it wound up the Community Interest Company.
The transfer is expected to be approved at the council’s cabinet meeting on Tuesday, before being rubber-stamped by the full council on April 11.
Once this is done Boston College will take on responsibility for the whole building, including the failed food court area – taking the financial burden off the taxpayer.
The college plans to increase the range of courses on offer and to celebrate the area’s food heritage by putting on seasonal displays in the atrium.
The displays will showcase local producers and local produce and Sage restaurant will be offering dishes to tie in with them.
A decision on how the food court area will be used has not yet been made.
District council deputy leader Coun Nick Worth is delighted with the news.
He said: “This agreement is excellent news for the people of Spalding.
“This will give us an even bigger and better college with greater educational opportunities and apprenticeships for young people, with a focus on food heritage and food-related courses.”
Phil Scarlett, vice-president of Spalding and District Area Chamber of Commerce, who is on the district council’s Red Lion Quarter steering committee, added: “Without wishing to comment on how the RLQ was planned or initially operated, we are pleased with the final outcome.”