History

1982

GLE was set up by the Greater London Council (the GLC) in 1982 when it was known as the Greater London Enterprise Board (GLEB). It was one of a number of such Boards set up around the country at that time by Metropolitan Councils. The main economic development challenge was the huge loss in manufacturing jobs associated with the recession of the early eighties, which was particularly pronounced in London.

1986

When the GLC was abolished the government facilitated the passing of membership of the organisation to London’s 33 local authorities. Each borough was required to make a long term, non-interest-bearing loan of £100,000 to the company.

Thirteen boroughs took up membership at that time, although the company continued to work across the whole of London. The £1.3 million of loan from these members was the last of any public funding for the company. To this day, GLE has received no other public subsidy.

1989

The Government introduced legislation to prevent local authorities from controlling companies. In order for GLE to continue to trade, the member boroughs decided to adopt new Articles of Association. These limited the boroughs’ voting rights to below 20%, and passed control of the company to those non-executive directors who did not have any local authority connections.

GLE was making progress in using the assets which it had inherited from the old GLEB to build profitable revenue streams from areas of economic development where this was possible. The main activities were in real estate, providing accommodation for small businesses, and in venture capital, also for smaller firms.

1992

The effects of another recession and a number of years of unprofitable trading meant that the net worth of the GLE Group had fallen below £8 million. The current management team took over and a more commercial strategy was adopted. GLE has made profits in every year since then, building net worth and creating the capacity for the work of the Group to grow and diversify.

1997

Membership was widened to all London local authorities. The thirteen borough members secured a preferential stake in the GLE Group and then opened up membership without conditions to all the remaining local authorities.

There was a major diversification to extend the range of GLE’s financial services to smaller firms with the setting up of an independently managed invoice finance business. Independent Growth Finance (IGF) now provides loans against invoices of £150 million a year, sales ledger management facilities, credit control services and credit insurance services for over 250 small businesses countrywide.

1999

By this time all London’s 33 local authorities, including the City of London had joined GLE.

2000

GLE and the London Enterprise Agency (LEntA), which is funded and supported by a group of major private sector corporations, and the City of London, created a new partnership, combining LEntA’s activities aimed at combating social exclusion, with GLE’s not-for-profit small business support services. This new GLE subsidiary, launched as oneLondon, now specializes in developing innovative approaches to enterprise, development and capacity building in the not for profit sector in London.

2007

GLE has a net worth of over £51 million and employs over 180 people, working in its unique mix of commercial and not for profit businesses. It is the leading Enterprise Board and has both survived and thrived whilst retaining its local government ownership.