OxWED is a 50/50 joint venture (JV) between Oxford City Council and Nuffield College. The objective of the partnership is to facilitate the redevelopment of the land off Oxpens Road, adjacent to the Ice Rink.

The current joint venture structure is due to be replaced by a new Limited Liability Partnership on 15 December 2021.

This decision will enable the Council to enter into a new Limited Liability Partnership on 15 December 2021.

To create the new LLP entity on 8 December to facilitate completion of the restructure planned for 15 December. The LLP will be created based on existing terms which will be updated on the completion date.   

The decision has been taken to create the LLP in advance of completion of the restructure so that items of administration such as the creation of a bank account can be undertaken in advance.

It is possible to create the LLP on the day of completion, however although a same day service is offered, it does risk a delay in completion. It also doesn’t allow enough time for the bank account to be created (up to 3 weeks) and the payment of any stamp duty land tax liability (14 days).

Nigel Kennedy, Head of Financial Services.