Plans to bring jobs and employment to Haverhill Research Park and Enterprise Zone has been given a welcome multi-million cash boost.
Finance has been provided jointly through a loan by West Suffolk Council and Local Growth Fund investment from the Cambridgeshire and Peterborough Combined Authority, via the Business Board which administers the Fund.
West Suffolk Council has been working with developers Jaynic to bring forward a scheme on the site, including putting in place a loan facility for around £3.5 million for the project.
At the same time the Council and the developer held talks with the Cambridgeshire and Peterborough Combined Authority, requesting financial support for the scheme.
The Authority agreed the £2.7 million bid, following a recommendation from its Business Board that the scheme should receive Local Growth Fund investment.
‘Haverhill is in a prime location’
Interim chair of the Business Board, Austen Adams said: “ The Business Board is all about creating the conditions for dynamic enterprise, for business innovation, research and development, and supporting our talented business leaders in their ambitions for growth.
“Haverhill is in a prime location, already making a significant contribution to the wider economy here.
“It has potential to grow further and this investment should build on that success, kickstarting all kinds of fresh business and job opportunities.
“The funding will unlock development on the Enterprise Zone and act as a catalyst in bringing forward the local economy.
“The project will create an innovation and business centre, the gateway site directly adjacent to the ‘Spirit of Enterprise’ roundabout helping to attract further commercial investment and to support the creation of jobs for the area.”
Local Growth Fund investment is given by the Government’s Ministry of Housing, Communities and Local Government to Local Enterprise Partnerships (the Business Board in the case of Cambridge and Peterborough) to distribute locally in support of Economic Development priorities.
Minister of State for Local Growth, the Rt Hon Jake Berry MP, said: “Haverhill is an important town for West Suffolk with plans for 4,000 new houses and continues to play a significant contribution to the wider Cambridgeshire economy.
“Haverhill Research Park is one of five sites under the Cambridge Compass Enterprise Zone programme.”
Boost to Haverhill economy
West Suffolk Council Leader, Councillor John Griffiths, said: “This is part of West Suffolk Council’s ambition and drive to attract jobs and economic opportunities to our area and further ensure our future prosperity.
“By working with the developer and partners, across borders, we have been able to bring millions of pounds of investment to Haverhill, an economic boost for our residents and businesses together with an income to support Council services.
“One of the reasons for creating the new West Suffolk Council was to be better able to attract external funding while still being the right size to work with our local communities on tailored initiatives and this is an excellent example.
“Haverhill is a growing town full of opportunities and potential.”
Jaynic’s Managing Director, Nic Rumsey said: ” We are delighted that we will now be able to deliver the long held ambition of a landmark Innovation/Business Centre at Haverhill’s gateway.
“Without the financial assistance from the Combined Authority’s Business Board and the Council it wouldn’t have been possible.
“We expect to start construction early October and to be open for business in September 2020.”