Telford Growth Fund drives forward economic prosperity across the borough
Telford & Wrekin Council’s Growth Fund continues to drive forward an economic upturn across the borough.
The Growth Fund underpins the council’s strategy to Protect, Care and Invest into creating a better borough, deliver new and higher skilled local jobs and create security in the local supply chain.
A council cabinet report on Thursday highlighted that as well as supporting a range of commercial developments which generate jobs, the Growth Fund is also making a positive contribution to the local Telford economy overall.
Since the fund was launched in 2015, over £79.4m has been committed into a range of investments which have delivered and safeguarded approximately 1445 jobs.
The rental income, as well as the additional business rates of approximately £600,000 each year, is being invested directly into delivering front line services across all the borough’s communities benefiting older people in residential care or those supported with domiciliary care to stay in their own homes.
This additional income has saved the equivalent of £10.85 in Council Tax for each Band D equivalent Property.
Some of the business successes resulting from the Fund include Rosewood Pet Products and Eden Horticulture Ltd at Hortonwood West and Filtermist International Ltd at T54 business park.
New council-funded developments also include a range of employment units at Orchard Business Park, Hortonwood and Ni.PARK, Newport.
Units at Orchard Business Park, Hortonwood and Ni.PARK include enhanced sustainable measures including the provision of EV charging points and solar panels to each unit for tenants use.
The range of industrial units delivered at Orchard Business Park is allowing businesses to start, grow and flourish and businesses moving in releases their former premises which can be occupied by other businesses looking to establish or grow.
An example of this is ATW Couriers Ltd who are currently based at Halesfield but have moved into one of the new business units at Orchard Business Park.
Adam Welborn, Managing Director of ATW Couriers Ltd, said: "As a growing business in the Telford area, moving into this premises will enable us to continue to expand further.
“It's a very exciting time for ATW Couriers and we’re grateful to Telford & Wrekin Council for its support through the Telford Growth Fund which has facilitated the move."
Work has also started on the new Digital and Skills Hub - the first phase of the Station Quarter development in Telford town centre
Station Quarter supports the council’s ambitious plans to create a vibrant and sustainable urban space that will enhance connectivity, provide high-quality housing and commercial opportunities, a state-of-the-art digital skills and enterprise hub and create new public spaces for residents and visitors.
Investment into the council’s current property portfolio is ongoing, enabling properties to remain market facing and responsive to new enquiries.
Councillor Lee Carter (Lab), Telford & Wrekin Council’s Cabinet Member for Place (the Economy & Neighbourhood Services), said:
“The Telford Growth Fund is significantly benefiting people living and working in Telford, attracting new commercial investment which is in turn boosting the local economy, whilst helping to keep Council Tax the lowest in the Midlands.
“The Fund, alongside our Invest Telford business pledge, continues to drive a high number of investment enquiries and attract significant interest from all sectors.
“It’s also supporting the delivery of the new Digital and Skills hub - the first phase of development at Station Quarter which will focus on innovation and provide skills for some of the region’s fastest growing and best-paid business sectors.”
