L&Q ADMIT THAT STOW WILL MAKE A LOSS

BBC LONDON NEWS interviewed both Mike Johnson of London and Quadrant and Bob Morton and it was broadcast on Wednesday.

L&Q admitted for the first time that that their plans ‘will not make a profit’. In other words they will make a loss-in fact a loss of tens of millions of part tax payers’ money. This public scandal is made worse by the fact that Waltham Forest Council has agreed with L&Q to keep this loss confidential.

In the same piece, Bob Morton confirmed that the Stow under his ownership would make ‘at least £2m profit’. Remember Mr Morton is a hugely successful businessman in the Times Rich List and an owner of greyhound stadia. Future viability under Bob’s ownership is proven beyond doubt.

Mike Johnson of L&Q openly admitted that ‘L&Q can take a longer term approach that a house builder’. In other words, L&Q simply do not care less that they are wasting your money. A commercial builder would not have overpaid for the site and, even if they had, they would have sold by now realising their mistake. L&Q are in the privileged position of being given tax payer money to build homes however they are completely abusing this privilege by speculating on the property market. To quote Rt Hon Iain Duncan Smith “I am very concerned that L&Q are no longer behaving like an RSL but like a property speculator’.

Piece by piece the truth is coming out. The fact that L&Q was in pre planning discussions with the council at least 18 months before the track closed, the fact that the council encouraged L&Q to purchase the site, the fact that certain council elements enjoy a completely inappropriate relationship with L&Q and are bending over backwards to support L&Q to justify the support they gave them to purchase the site, the fact that L&Q paid way over the odds for a completely viable greyhound track and, most telling, the fact that L&Q is quite happy to lose tens of millions of part public money to merely try to prove a point and the council are quite happy to keep this under wraps.

This is a public scandal. L&Q has already been accused of  lying and being a deceitful company abusing a privilege bestowed upon them and we will continue to unravel their despicable behaviour in order to return this iconic stadium to its historical and designated leisure use and former glory for the community to enjoy.

It is now time for Parliament to stop the funding of L&Q and Saveourstow will now lobby the government for a full enquiry into the misuse of public funds by L&Q. Any councillor that supports the stow development of L&Q is in essence supporting the wasting of £25 million of tax payer money and ,while Waltham Forest has had public funding cutbacks and has hardly any jobs, it would be a misrepresentation of the community if any party supported this ill fated plan of the disgraced L&Q.

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