The first wave of trailblazing councils have long since set up shop, while many others have tried with varying degrees of success. It now seems almost every council is interested in setting one up as they face increasingly tough questions about how they are going to thrive in an uncertain economic environment.

But what makes a local authority trading company (LATC) a success or a failure? And, what lessons do those further along the line have for those thinking of entering the market?