A Growth Deal which could be worth more than £100 million to the local economy has officially been signed between the government and the Coventry and Warwickshire Local Enterprise Partnership (CWLEP).
Minister for Universities, Science and Cities Greg Clark agreed the substantial investment which has confirmed £18.2 million of funding for 2015/16 and has made an initial commitment of £55.9 million for 2016 onwards.
The Growth Deal will also mean an additional £32.9 million of investment from local partners and £0.4 million from the private sector which altogether creates a total investment package of £107.5 million for Coventry and Warwickshire.
Greg Clark, who officially signed the Growth Deal at Shire Hall in Warwick, said: “The £75 million Coventry and Warwickshire Growth Deal builds on the area’s strengths as one of Britain’s key centres of modern industry.
“The regeneration of Coventry station is long overdue, and I am particularly looking forward to seeing the work at Ansty Park to help innovative start-ups make the most of their ideas.
“The Manufacturing Technology Centre has begun to show what is possible, and the “Grow On” Space for small advanced engineering companies is an exciting next step.”
Jonathan Browning, chairman of the CWLEP, said: “We were delighted to welcome the Minister to our region once again to formally sign our Growth Deal which will have a major impact on job creation and economic activity in Coventry and Warwickshire in the foreseeable future.
“With the backing of all our partners, the Growth Deal will support economic growth across Coventry and Warwickshire.
“This will have a sizeable and swift impact on a number of area-wide initiatives which will help the LEP in driving forward our local economy.”
The Growth Deal includes improving passenger numbers and increasing train services in the North-South Rail and Coventry Station scheme, providing offices for new Advanced Manufacturing and Engineering “Grow On” Space for small and medium enterprises at Ansty and launching skills and start-up initiatives in Coventry, Stratford and Leamington.
He added: “The LEP is entirely focused on helping our businesses reach their potential as well as attracting inward investment from firms and organisations not currently represented here. We have to help create the right conditions to make both of those things happen.
“The measures in the Growth Deal will be felt right across Coventry and Warwickshire and there is no doubt the Growth Deal signals the start of another important step in providing the right conditions to help the area prosper economically.”
Cllr Izzi Seccombe, leader of Warwickshire County Council and CWLEP board director, said: “The growth deal is a major investment in the economic growth of the Coventry and Warwickshire sub-region.
“It is a chance to do something that will make a real difference to the economic future of the area and really create opportunities for economic prosperity for our residents, now and in the future.
“Warwickshire County Council will work very closely with our partners in the LEP to deliver the Growth Deal so that the companies in the area, from multi-national to local small and medium enterprises, can benefit from the huge opportunity that the deal presents us.”
Cllr Ann Lucas, leader of Coventry City Council, said: “This is yet another sign that Coventry and Warwickshire is on the up and is looking ahead to a bright and prosperous future.
“The new Growth Deal will help the many firms who already enjoy the benefits of being in the heart of the country to grow and expand and will encourage new investment, with more companies looking to relocate to the city and the county.
“It is further proof that Coventry and Warwickshire is the place to be for companies looking to benefit from our wonderful location, excellent transport links and a highly skilled workforce.”