Walsall Regeneration Company to close
Walsall Regeneration Company (WRC) is to close following a decision by Advantage West Midlands that it can no longer provide funding.
The decision was taken at an extraordinary board meeting last week.
WRC was established in 2004 by founding partners Walsall Council, Advantage West Midlands and the Homes & Communities Agency’s forerunner English Partnerships with each partner making an equal financial contribution.
Until April this year, Advantage West Midlands, 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 chair, 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.
“It’s important for us to put on record our thanks and appreciation to Akshay Parikh and his team for their hard work and the contribution they have made.”
Four people are employed by WRC and are set to be made redundant following the decision.
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.”
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