Pembrokeshire County Council has taken up an equity share option in the new company behind the Bluestone holiday village.

The decision to take up the shares in Bluestone Resorts Ltd was made behind closed doors at Monday’s meeting of the cabinet. The report to members is also confidential.

The Western Telegraph has learned that the county council has taken up the shares without paying out any new money.

It is understood that the council has moved to protect previous investments.

The county council had loaned Bluestone Leisure Ltd — the previous company — funds at the time the multi-million pound project was first unveiled.

But Bluestone Resorts Ltd was created following a restructuring of the business last month, that secured about £10m of extra investment.

Bluestone spokesman Richard Harris said: “Our feeling is that this is a matter for Pembrokeshire County Council, so it would be inappropriate for us to comment.”

Pembrokeshire County Council leader, Cllr John Davies, said: “The funding package announced by Bluestone not only provides security for the continued development of the project, but also enhances the prospects of job creation.

“As part of the financial restructuring of Bluestone, the county council has been granted an equity share which recognises the financial contribution made by the authority at the project’s inception.”

Talking of the decision to go into secret session to discuss the issue, Cllr Michael Williams said: “Anything to do with public money should be held in public.”

Cllr Williams has sent ten questions to the authority, asking for clarification about the investment.

As the Western Telegraph went to press, it was understood that attempts were being made to have the cabinet’s decision called in.