Council to invest in projects to support business and create jobs in Liskeard, Penzance, Bodmin and Hayle

Cabinet members at their meeting today (13 November 2019) have agreed to match fund and invest £14.5million in projects all over Cornwall to support regeneration, businesses, job creation and the development of skills to improve the lives of our residents.

The projects will collectively deliver tailored business support to 740 small and medium-sized enterprises, create 319 jobs which will generate over £10 million for Cornwall’s economy, support thousands of residents into training, skills or employment, contribute to a Zero Carbon Cornwall by 2030 and develop over 5,000m2 of new workspace in Liskeard, Penzance, Bodmin and Hayle.

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The Council’s commitment to funding the projects will unlock European funding through the Cornwall and Isles of Scilly Growth Programme.

Regeneration projects include

  • Liskeard Cattle Market where the Council has been working with partners and the community to secure the future of this prime town centre Council owned site.  The funding agreed today will go towards creating a digital and creative workspace to bring in new companies and new jobs.  
  • Penzance Creative Cluster which will see the construction of flexible workspace at Causeway Head for creative industries along with space for meetings, events and collaborative working, and
  • Phase 2 of the Hayle Renewables Business Park which will see a combination of new build and refurbishment across two brownfield sites to deliver new business space.

Business support projects include

  • Marine-I 2 in Hayle which will see an extension of the coordinated support for businesses operating within the maritime sector.  The number of businesses in Cornwall in the Marine sector grew by 105% between 2012 and 2018 compared to an 83% growth nationally.
  • Aerospace Cornwall 2 to build on the success of the Aerohub project to increase the productivity and capability of the local aerospace / space supply chains. Phase 2 of the project will, it is estimated, enable around 23 businesses to manufacture world class products within the next three years.
  • Cornwall Trade & Investment – to build on the success of the Invest in Cornwall programme which has established 31 new enterprises in Cornwall and Isles of Scilly, bringing 130 jobs with another 120 forecast to be created by September 2020.
  • Cornwall Export Accelerator – to establish a bespoke export business service.
  • Cornwall and Isles of Scilly Energy Innovation Fund - to provide business support to help in the adoption of low carbon technologies and contribute to a Zero Carbon Cornwall by 2030.
  • Skills Hub 2 – to connect employers to skills advice and support and help identify skills gaps and opportunities to increase productivity

Skills projects will work directly with residents and includes the People Hub, which will work with unemployed residents to develop bespoke Personal Action Plans.  There is also support for the Building Futures Partnership, which will provide tailored support to people living in deprived areas.

Funding was also agreed to develop a project for a Cornwall Food & Drink Hub on Council-owned land at Walker Lines Industrial Estate, Bodmin.  It would provide industrial workspace targeted at the food and drink sector and wider agri-tech supply chain businesses.

Cabinet agreed today that the Council will invest up to £14.246m to bring forward these projects which will then draw down more than £39m of additional investment, including more than £34m of European Funds, into the Cornish economy.

Cornwall Council’s investment will be a combination of allocations from the Economic Development Match Fund Reserve (£6.438m) and capital borrowing (£7.808m).

MORE NEWS FROM CABINET:

Cabinet supports investment into local community facilities to support proposed Langarth Garden Village

Waste services update and energy efficient homes plan discussed by Cabinet

Story posted 13 November 2019