The local authority trading company is now a well-established model, offering councils a viable alternative to traditional outsourcing. When properly set up and managed, a LATCo can provide cost efficiency on a par with that of the private sector, and the ability to develop external revenue streams, at the same time supporting the local economy and delivering social value. One of the pioneers in this field is Norse Group, now the UK’s largest and most successful LATCo.
The company has been around for over thirty years, and now boasts £350 million annual turnover and a proud record of returning money to the public purse – over £65 million in the last ten years. The secret to its success has been the development of a joint venture model, which offers local authorities the opportunity to have a share in the JV company, with a high degree of control over service delivery, and to reap the financial benefits without compromising on social value.
Here Norse Group CEO Justin Galliford talks about partnership working, and how the combination of commercial knowhow and public service ethos can make a major contribution to a council’s finances.
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