Issue - meetings

To receive an update on the Telford Growth Fund.

The Cabinet Member: Place (The Economy & Neighbourhood Services) presented the report of the Director: Prosperity & Investment. The report provided an update on the continued achievements of the Council's Growth Fund investments.

Over 8 years, the Growth Fund had committed £79.4m into a range of investments, which were anticipated to help deliver approximately 1445 new and safeguarded jobs. This investment had included smaller business units to support business start-ups and provide grow on space for existing companies. A development of 24 units at Hortonwood, known as Orchard Business Park, was at the time of the meeting already over a third pre-let. Members heard that the investments coming forward were still predominantly new investors entering the Borough or existing companies’ expansions.

The Growth Fund was also supporting the delivery of a new Digital and Skills Hub as part of the first phase of development at Station Quarter. The planned Hub was set to provide education and business start-up spaces locally, in partnership with Telford College and Harper Adams University. 

Cabinet Members noted the significance of investment in delivering jobs and attracting new businesses to Telford and Wrekin, and how that could be reinvested into delivering further services locally.

The Leader of the Conservative Group welcomed the creation of the Digital and Skills hub, highlighting the importance of developing skills and apprenticeships.

The Leader of the Liberal Democrat Group welcomed the report and the authorities’ efforts to support businesses.

RESOLVED - that the outcomes of the Growth Fund investments to date be noted.