The ongoing saga of the Oasis development and the Conservative administration’s chosen provider Moirai is fast turning into yet another farce. It was in July 2012, over two years ago, that SBC granted a number of leases to Moirai Capital Investments.

The granting of the leases was conditional upon Moirai fulfilling certain conditions which Moirai agreed were eminently achievable.

One of the conditions was that the roof dome and pool changing areas would be refurbished by the end of May 2013. In January 2013 Councillor Garry Perkins signed the documents binding the council to a number of changes in the terms of the agreement, one of which allowed Moirai a further seven months to carry out the refurbishment. Regrettably, Moirai has failed to meet the second deadline.

Coun Renard states the reason for the inability of Moirai to undertake the works was financial, citing Moirai's need for time to raise the capital. I suggest Coun Renard is trying too hard to excuse Moirai and should in fact reflect on the minutes of the Cabinet Meeting of 22 January 2013 and in particular item 3.5. This clearly states the reason for the deferral was made at the request of GLL who wanted more time to take over the running of the centre without the disruption of refurbishment works.

The issue of Moirai obtaining funding was covered at the same meeting and dealt with under item 3.2. This made it clear that despite agreeing to specific conditions regarding the lease, Moirai's banker was unhappy with the deal and wanted ‘an unrestricted ability to sell the lease into the open market should Moirai default on its commitment’.

The changes requested were agreed to by the Cabinet member and signed off. At this point, according to conventional wisdom all Moirai had to do was show to their bankers that the change requested had been agreed and gratefully accept the money.

As for protecting the council tax payer, that seemed to be a minor consideration as SBC willingly signed away any right to buy back the Oasis, again on the basis that a buy back option was deterring the funder.

The reality is that the administration looks to have done yet another commercial deal with a provider who is unable to fulfil their agreed contractual obligations. The refurbishment of the dome and changing rooms is now required to be completed by the end of March 2015, almost two years after the original agreed date.

As for the threat of action to terminate the leases, I don't think Moirai should worry too much as the administration has a woeful record in taking such strong action.

Des Morgan Caraway Drive Swindon