22 June 2011

Investors made welcome in Pool

A scheme worth over £235,000 to attract more commercial investment around Pool has been launched.

The Investor Engagement project is being run by CPR Regeneration, a subsidiary of Cornwall Development Company, and seeks to capitalise on the momentum generated by local businesses growing within the Camborne, Pool and Redruth area in new facilities such as the Pool Innovation Centre and on the Treleigh Industrial Estate.

It has received almost £180,000 European Regional Development Fund (ERDF) Convergence investment and almost £60,000 from the Homes and Communities Agency.

Mark Smith, Business Development Director of CPR Regeneration said: "We are talking directly to investors and financial institutions to encourage them to build the next generation of facilities that Cornish-based businesses will need to grow and thrive. We are seeing a growth in business confidence locally, and we feel that this is the right time to offer the market a stake in Cornwall's future." He added: "The positive shift in the economy locally now means that we can make a compelling case."

The team of Mark Smith and Alastair Stevenson, a specialist in geographical information, have reviewed all local sites and opportunities in the Camborne, Pool and Redruth areas to assess their suitability for developing high quality workspace. With the backing of the Homes and Communities Agency and the support of colleagues, they are now providing a 'red carpet' service to potential developers and institutional investors which includes support in developing detailed investment propositions and assisting with additional investment from public and private sources.

This area-specific scheme is being run alongside Cornwall Development Company's InvestinCornwall project which aims to encourage inward investment across the whole of Cornwall.

Nick Blandford, Business Services Manager for Cornwall Development Company, said: "This is a one year pilot project that will feed into our overall business investment and engagement strategy. My team is working closely with Mark and Alastair so that the lessons learnt from this activity can be applied across the county."

Carleen Kelemen, Director of the Convergence Partnership Office for Cornwall and the Isles of Scilly, said: "One of the ways to strengthen our economy is to attract new business and this ERDF Convergence investment aims to streamline the process for any new investor with a potential interest in the Pool area. Over the years a significant amount of planned European investment has been used to accelerate the economic regeneration of Camborne, Pool and Redruth. We are now seeing the results in the creation of high quality workspace, the arrival of new innovative business activity in the Pool Innovation Centre, as well as improved infrastructure which is key to attract quality inward investments which will create better paid job opportunities."

The first enquiries from investors have already been received, and are currently being worked on by CPR Regeneration in partnership wtih the Homes and Communities Agency.