£17 million Town Deal investment confirmed for Loughborough

Published: Fri 11th June, 2021

Loughborough has secured a massive £17 million package of Government funding to boost skills, jobs and the local economy.

The Loughborough Town Deal Board today (June 8) welcomed the announcement by Government that its Towns Fund bid had been successful and said the investment would help unlock Loughborough’s amazing potential.

The deal represents one of the biggest single public sector investments in the town and its communities for many years. With funding from other sources, the Loughborough Town Deal will bring in tens of millions of pounds of investment to the town.

The Loughborough Town Deal Board worked with local businesses and residents on its investment plan which aims to create a “Loughborough for All” and make the town a better-connected place where people will want to live, learn, work, and grow.

Cllr Jonathan Morgan, co-chair of the Town Deal Board and leader of Charnwood Borough Council, said: “This is fantastic news for Loughborough. The Town Deal investment will significantly boost the area’s recovery from the pandemic by creating jobs, improving skills and making Loughborough a better-connected place where people want to live, work and visit.

“The town is brimming with potential and the Loughborough Town Deal is the key to unlocking it.

“I would like to thank everyone who has played a part in developing the Town Deal bid and we must now seize this incredible opportunity for Loughborough.”

Dr Nik Kotecha, co-chair of the Town Deal Board, said: “This successful bid is not only a victory for Loughborough, but also for the amazing collaboration that went into putting together the investment plan.

“We have involved many organisations, businesses and residents from across Loughborough to identify what holds the town back and what we can do to overcome that. The resulting investment plan sets out how we will make Loughborough a better place for everyone.

“I would like to thank everyone who has supported the Loughborough Town Deal so far and I look forward to that continuing.”

Loughborough MP Jane Hunt said: "I am delighted that the Government is supporting Loughborough with nearly £17m inward investment into the town, via the Towns Fund. The new Town Deal is transformational, and I am thrilled we can now deliver on some exciting projects that will make Loughborough a dynamic place in which to live, work and visit.

 “The Government has recognised the work that has gone into the Town Deal proposals and I thank all the Board Members for their hard work these past few months. Over the next few years residents and visitors will see significant changes in the town as we deliver a bold vision as we build back better following the pandemic.”

Loughborough is one of 26 Town Deals to be revealed today.

Councillor Jenny Bokor, lead member for Loughborough at Charnwood Borough Council, said: "This is brilliant news for Loughborough and its residents. Well done to everyone involved.

"There are lots of great projects for us now to take forward to fruition."

Communities Secretary Rt Hon Robert Jenrick MP said: "We are levelling up towns and cities across the country by building stronger and more resilient local economies, boosting prosperity and opportunity in our communities, and helping them build back better from the pandemic.

"Today I am announcing new town deals in 26 areas, backed by over £610 million investment from the Towns Fund. This will support locally-led projects to transform disused buildings and public spaces, deliver new green transport and create new opportunities for people to develop new skills. This is a boost for communities and businesses across England."

Today’s announcement means that 79 Towns Deals have now been agreed - totalling over £2 billion investment in communities across England.

News of the successful Loughborough bid comes shortly after the opening of the Careers and Enterprise Hub in Loughborough town centre which was made possible thanks to £750,000 of advanced Town Deal Funding. The hub was created thanks to a partnership between the Council, Loughborough College and Loughborough University.

The Loughborough Town Deal board involves a range of organisations, including Charnwood Borough Council, Loughborough University, Loughborough College, Love Loughborough, Leicestershire County Council, the Leicester and Leicestershire Enterprise Partnership, Charnwood Together Economy and Skills Group, local businesses and Loughborough MP Jane Hunt.

The board is supported by a community engagement and consultation group and a Member Reference Group. Two consultations have been held with residents and local businesses which included online surveys, focus groups and virtual meetings. These all played a critical role in shaping the Town Investment Plan.

In total, 14 projects within the Loughborough bid are eligible for support and work is now being undertaken to prioritise them. The projects are:

  1. Loughborough Public Realm: Bedford Square Gateway
  2. Loughborough Riverside Regeneration; An active travel corridor for all.
  3. Loughborough Careers and Enterprise Hub
  4. Loughborough College Digital Skills Hub
  5. Connected Loughborough – East-West smart sustainable transport corridor
  6. Loughborough Developer Accelerator
  7. The Generator - Creative Industries and Community Arts Hub
  8. A new Heritage Locomotive Works, Education Centre & Museum for Loughborough
  9. Healthy and Innovative Loughborough
  10. Loughborough Lanes and Links Project
  11. Living Loughborough Project
  12. Parish Green Environmental Improvements
  13. Taylor’s: Saving the last major bell foundry in Britain
  14. Loughborough Wood Brook Flood Risk Management Scheme