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Hard-pressed Herefordshire Council have decided to cut the funding to Hereford Futures, the company set up to ensure the ESG plans are carried out.
Changes are being made to the way Herefordshire Council supports economic development in Hereford. Council funding to Hereford Futures, the city development company which has successfully secured over £100M of investment in Hereford, is to be reduced. Revenue funding will be halved for the current financial year and the company’s Blackfriars Street offices will close by the end of June.
The Council will see through the remaining elements in the development programme, including the construction of the planned Link Road and Urban Village by using in-house expertise and resources. Jonathan Bretherton, CEO of Futures will remain through to next spring to oversee the completion of the Old Market scheme and support the council on various projects including the marketing of the Urban Village and the Link Road CPO.
Cllr Roger Phillips explained that the council hopes to retain the expertise and experience of the Hereford Futures board. He said:
“The Hereford Futures board has brought valuable commercial expertise into the county. In the latest budget round we have had to look very hard at all of our funding decisions. Though times are hard in terms of public funding, the council has made the creation of jobs and homes a priority. With the Old Market site secure and other key regeneration projects well under way, now is the right time to co-ordinate all the council’s regeneration work within the council.
Jonathan Bretherton said “securing the construction of the 310,000ft retail and leisure scheme with Stanhope and British Land is a major achievement of which all concerned can be very proud. I am confident that Hereford will enjoy continued success on the back of this investment.”
Hereford Futures is the successor company to ESG Herefordshire which was established in 2006 with a brief to regenerate 100 acres of central Hereford. The name of the company was changed to Hereford Futures in 2010 when the company’s remit was enlarged to encompass the whole of Hereford and its environs.
The company led the design, CPO and planning of an innovative Flood Alleviation Scheme which opened in April 2012, on budget and ahead of programme. The scheme has since saved an estimated £3M of flood damage to existing properties. The £4.5M construction cost was funded by Advantage West Midlands and protects over 100 existing homes, businesses and city infrastructure, including the A49 trunk road. The scheme has paved the way for a planned 800 home Urban Village and other commercial development.
