Major funding for Coventry & Warwickshire

Three major projects in Coventry and Warwickshire are set to benefit from funding to the tune of over £21 million through the Local Enterprise Partnership (LEP).

The CW LEP has been awarded around £24.4 million from the Government's Regional Growth Fund (RGF) which has now been approved and is available to spend.

The money will be allocated to three areas – access to finance, support for strategic companies and for assistance to infrastructure and major projects.

Three key projects have been chosen to receive funding. The Friargate scheme planned for the area around Coventry Station will receive £12.7 million; Junction 12 of the M40 will get £3 million while a further £6 million will be granted for road transport improvements north of Jaguar's world headquarters.

All three schemes have been backed by the LEP as they are seen as key drivers of economic development across the region.

Friargate will see the creation of a 3.2 million sqft mixed use scheme featuring 25 new buildings and creating a new gateway to the city centre. The RGF money will go towards a new bridge deck which will span the Coventry ring roadto make an attractive pedestrian access to the heart of the city.

Junction 12 of the M40 has been unable to efficiently handle the increased traffic generated by the success of Jaguar Land Rover and Aston Martin at Gaydon.

Chancellor George Osborne allocated £9 million to the project in last year's Autumn Statement, while Warwickshire County Council is putting £3 million into the scheme. RGF will also contribute £3 million.

The money for road improvements north of Jaguar Land Rover will provide access to open up a significant employment site but it is subject to the scheme winning planning consent this summer.

Cllr Ann Lucas, LEP Board Director,said the three schemes had long been identified as key drivers in the Coventry and Warwickshire economy.

She said: “This award is very good news for Coventry and Warwickshire. These three sites are strategically important for the wider economy and have the potential to create jobs and prosperity, in various sectors but particularly in advanced manufacturing and digital technologies

“This funding will be vital in allowing them to move along, hopefully at pace. Getting major developments off the ground in these economic times is extremely difficult and we believe this funding will play a vital role in unlocking certain elements and making them happen."

Karl Eddy, a LEP Director, said: “We have been successful in accessing Government funding in recent months. The LEP has a clear vision for how it can help shape the economy and help drive forward growth and the creation of jobs.

“This falls very much in line with our successful City Deal bid which concentrates on building our engineering and manufacturing capability."

Councillor Lynnette Kelly, Cabinet Member for Business, Enterprise and Employment, said: “It is vital that we have suitable developments and commercial accommodation not only to attract inward investment but to also give our successful companies the opportunities to grow in our region.  Creating jobs for Coventry and Warwickshire people is a top priority and this money will help us to do just that."

Coventry City Council is the accountable body for the funding. Arrangements of how companies bid for the grant funding will be announced at a later date.

Note to Editors

1. About the Regional Growth Fund
   The Government's Regional Growth Fund (RGF) is a £2.6 billion fund operating across England from 2011 to 2016.
2. It supports projects and programmes that lever private sector investment to create economic growth and sustainable employment.
3. The first three rounds will generate over £13 billion of private sector investment and create or safeguard over 500,000 jobs. The fourth round which made a further £350 million available has now closed but selected bidders will be announced in the summer.
4. For more information please go to: www.gov.uk/understanding-the-regional-growth-fund