25/07/2026
Over £1million wasted at Carnival Pool Flats. Read this post by Charles Margetts.
CARNIVAL POOL - MILLIONS OF TAXPAYERS MONEY WASTED
In the full council meeting this week Cllr Charles Margetts asked the leader of Wokingham Borough Council for an update on the Carnival Pool Flats Development.
This development of 55 flats was launched in 2021 when the expected profit to the taxpayer was £1.2 million. In June 2022 the initial contractor went into administration. The cost of this development was funded by borrowing money.
The liberal council then decided to appoint a contractor called Osbourne in 2024 to continue the work. At that time Osbourne had not filed a set of accounts since 2021. Their 2021 accounts stated they were not a viable going concern. In September 2023 the insolvency risk firm red flag advised they were a severe credit risk. They were financially restructured in 2023. The council appointed them to continue the work at Carnival Pool in February 2024 and they went into administration in April 2024 with debts of £45 million. The result was a year long delay whilst another contractor was appointed.
The council advised in November 2025 that the result of this fiasco was the Carnival Pool Flats will now make a loss of £1.4 million. This is a reverse to the taxpayer of £2.7 million.
In the WBC council meeting in July 2026 Cllr Charles Margetts asked the leader of the council to confirm the current level of loss. The liberal administration refused to answer the question. Independent sources now estimate the loss to the taxpayer is now £2.7 million. The liberal administration is trying to cover up this failure.
At the time of writing 10 flats have been sold. WBC is marketing them as investment properties which will give the owner a rental return of 5 - 6% per annum. The flats are being marketed overseas to foreign investors rather than to local first time buyers. The empty flats could and should be sold immediately to first time buyers instead of to foreign investors.
Wokingham Conservatives will continue to press the liberal administration to manage taxpayers money more responsibility and to behave in a more honest manner
