Bank puts in £27.5m to kickstart Blackpool college scheme

A NEW college with the capacity to house 1,200 students in Blackpool is to be built by Preston-based property and construction firm Eric Wright Group (EWG) after securing £27.5m from Co-operative Bank.

Highfield Communities College was one of two sample Building Schools for the Future (BSF) projects in Blackpool which was allowed to progress by the Coalition Government despite it withdrawing the BSF scheme as part of its £85bn public sector spending cuts programme.

The 130,00 sq ft college is due to be completed in September 2012. It is being built and maintained under a 25-year deal by Eric Wright Group. The loan is being provided by Co-Operative to a local education partnership of EWG and Blackpool Council.

Andrew Sykes, senior manager of the PFI and Project Finance Team of The Co-operative Bank, said: “We are delighted to have supported EWG’s strategic partnership with Blackpool Council by providing funding for the College which will enhance the learning environment for the children of Blackpool.”

Richard Turpin, project director at EWG, said: “We can now all look forward to being able to welcome pupils and parents into the new schools in a couple of years time.

“Being a local company, we will ensure that the investment being made in these schools will benefit the local economy during the construction programme and enhance the educational prospects for future generations of Blackpool children.”