Almost £18 million from the Regional Growth Fund has been secured to spearhead a manufacturer’s relocation which stands to create up to 1,700 jobs.
Funding for Worcester Technology Park on a site near junction six of the M5 has been given the green light, which will allow boiler firm Worcester Bosch to relocate and grow.
The joint bid was backed by the newly-formed Worcestershire Local Enterprise Partnership (LEP). Outline planning permission for the first phase of the development has already been granted by Wychavon District Council, pending approval of environmental mitigations measures.
Diane Tilley, Worcestershire County Council’s director of planning, economy and performance, said the move would help to maintain and improve the local economy and job prospects for local people in the long term.
He added: “We’re very pleased that our bid has been successful. It was a very competitive process so this illustrates the quality of the work that went into our application and the viability of our proposals.
“We’re very grateful to Bosch Thermotechnology for their ongoing involvement, although we recognise that their full participation is still to be agreed.
"We’re in the very early stages of a long-term plan, which could take five years or more to deliver, but our goal is to strengthen the local economy and ensure high-quality job opportunities for local people in the future.”
The scheme – which was originally put forward by the county council, Worcester City Council, Wychavon District Council and Advantage West Midlands – now has to pass through a due diligence process before receiving a grant.
The council also says the technology park proposals will take at least five years to deliver.
Dean Attwell, business board member of the LEP, said: “The £17.5 million pledged will potentially spearhead phase one of a major relocation expansion of Worcester Bosch costing £234.6 million, which will ultimately result in the creation of up to 1,700 jobs over the next five to 10 years.
“Importantly, the economic and business benefits locally are clear. It is great news for local businesses looking to expand here and for Worcestershire to attract new and diverse companies to the county.”