£25m Town Deal initiative moves to next stage

A project to bring £25 million worth of government funding to a Leicestershire town has moved to the next stage after the Loughborough Town Deal Board met for the first time.

Business and community leaders recently came together to kickstart the Loughborough Town Deal – an initiative which could boost businesses, improve infrastructure and connectivity and transform the town centre.

The Loughborough Town Deal Board, co-chaired by Dr Nik Kotecha OBE, chief executive of Morningside Pharmaceuticals, and Cllr Jonathan Morgan, leader of Charnwood Borough Council, agreed a governance structure at its first meeting and will now co-ordinate the development of a Town Investment Plan.

The Board has also agreed to use government funding previously awarded to the Council to commission external support to help with the bid.

Cllr Morgan said: “The Town Deal is a huge opportunity to bring a significant amount of investment to Loughborough and I am delighted the board has met for the first time.

“There is a tremendous amount of positivity and enthusiasm about the potential of the Town Deal fund and I look forward to seeing ideas develop.

“The board members all agreed that collaboration and involving all sectors of the community will be a critical component of success.

“The first meeting was very much about making sure we have the right structures in place so we can move forward at pace and secure the best Town Deal for Loughborough.”

Kotecha added: “The funding from the government’s Town Deal Fund and the overall Loughborough Town Centre Masterplan will create jobs, increase productivity and boost skills throughout the borough. The meeting of the Town Deal board is a crucial first step towards ensuring that Loughborough continues to be a thriving market town and major hub for the Charnwood community.”