Council adds £5m to Alderley Park investment fund

CHESHIRE East Council has confirmed it is putting £5m into an investment fund to support start-ups at Alderley Park.

Manchester Science Partnerships (MSP) is taking over the 400-acre site near Alderley Edge from pharmaceutical firm AstraZeneca which is relocating much of its work to Cambridge.

MSP and AstraZeneca have already committed £5m each and more was expected from the Government and the private sector.

The council said an independent assessment suggested the fund could help deliver 2,600 jobs. MSP wants the site to employ around 7,000 mainly in the bioscience sector.

Council leader Michael Jones said: “Once again the council is demonstrating its unwavering commitment to securing a sustainable future for Alderley Park through the continued delivery of new jobs and new businesses.

“We commend both AstraZeneca and MSP for their commitment to this shared goal and we will continue to work closely with them to ensure that Alderley Park delivers as a world-class science park at the heart of both the local and regional economy.”

AstraZeneca is leasing back the site until it has moved its research base in 2016. It will retain around 700 staff, down from 3,600, but these will be administrative roles. The group also has 2,000 employees at a factory in Macclesfield.