WOLVERHAMPTON Development Company – the body tasked with regenerating the city – is to be wound up.
The decision was made after WDC was told that its funding would be reduced as Advantage West Midlands faces the prospect of also being culled.
The body receives financial support from Wolverhampton City Council which is also reviewing its budgets.
Chief executive Stephen Catchpole said: “It is now clear that funding to WDC can no longer be guaranteed to March 2011 as the funding partners are having to make difficult decisions as to the level of financial support they are able to give to organisations.
“In these circumstances, our board has recognised that the only practical course of action is to work towards an orderly completion of the activities of the company.
“It will take some weeks to establish the financial position, following which a firm date for the cessation of operations can be agreed by the board and our funding partners.”
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