Walsall Regeneration Company closes after funding axed

THE organisation charged with regenerating the borough of Walsall, Walsall Regeneration Company (WRC), is to close following the decision by regional development agency Advantage West Midlands to cut its funding.

The decision, taken at an extraordinary board meeting, follows a similar one last week to wind-up sister organisation Wolverhampton Development Company.

WRC is responsible for promoting and facilitating the regeneration of large areas of Walsall, including the town centre, Walsall Gigaport, Walsall Waterfront South and the Darlaston Strategic Development Area.

Its aim was to create a vibrant, diverse, 21st century town with a thriving economy.

WRC was established in 2004 by founding partners Walsall Borough Council, AWM and the Homes & Communities Agency in its former guise as English Partnerships with each partner making an equal financial contribution.

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Following AWM’s announcement it could not continue with the funding, the WRC board was left with little option than to wind-up the organisation.

Until April this year, AWM, Walsall Council and the Government each provided £250,000 funding a year to WRC. This was scaled back to £200,000 a year from April this year.

Brian Lowe, WRC chairman, said: “WRC has been a key driver of the impressive regeneration of Walsall in recent years; unfortunately the significant cuts in funding by one of our funding partners meant the company was unable to proceed as a going concern.

“The board recognise the excellent contribution made by the WRC staff in making a real difference to the pace of regeneration in Walsall. Arrangements are now in hand to close the company and discussions will be had at an appropriate time to ensure WRC’s legacy is safeguarded in the future.”

Four people employed by WRC are set to be made redundant.

Cllr Mike Bird, WRC board member and Walsall Council leader, said: “The decision to close the WRC was unavoidable given the severe funding position in which the company found itself.

“However, the board recognised that we cannot allow the momentum of regeneration in Walsall, which the WRC played a key role in progressing to slow and therefore in the interim period, Walsall Council’s executive director of regeneration Tim Johnson will take responsibility for progressing the partners’ shared regeneration plans, whilst future options are considered with partners and key stakeholders.”

Working with its partners, WRC has helped attract more than £400m of investment in the last six years including, in 2004, the TK Maxx distribution centre and the opening of the largest town centre Asda in 2008 – bringing £20m of investment.

In 2009, the organisation played a role in the site acquisition of the IMI Copper Works, undertaking a pilot study to reclaim the land, and the opening of the new £64m Walsall College.

In 2010, work started on the new £55m Tesco and £65m Waterfront South development with BT starting to install next generation broadband. In 2011, the £175m Manor Hospital project is set to be completed.