City Building, the arm’s length firm set up by Glasgow City Council, generated £5.29m in returns to the city council, to be reinvested in services across the city, its annual results published this week show.
The financial results for 2015/16 reveal the funds returned to the city council are up 5.8% on last year’s figures, despite a fall in turnover from £215m to £209m.
The news comes as City Building, which employs over 2,000 people, prepares to finalise a 50/50 joint venture with the Wheatley Group, the parent company of Glasgow Housing Association. Both organisations signed up to the joint venture earlier this year in a move which will guarantee jobs and create thousands of apprenticeships over the next 20 years.