Torbay Council will not proceed with second LABV bid

Torbay Council has today confirmed that it will not be proceeding with its Local Asset Backed Vehicle (LABV) procurement. The decision followed recommendations from the Torbay Development Agency (TDA) Board on 23 March, which have been endorsed by the Mayor and the other Group Leaders on the Council.

In summary, the advice/recommendations were:

Torbay Mayor Gordon Oliver is likely to make the formal announcement at the next full council meeting on 16 May. Mayor Oliver said: Torbay Council will continue to promote the Bay’s economy and let others know that we have a genuine case for funding to help drive our economic regeneration. Separate discussions are now on-going with a number of potential organisations, including bidders who have been involved in the LABV process; as ever our goal is to deliver jobs and we know that important regeneration projects can play a big role in that process.”

We remain optimistic that Torbay’s offer has real potential for growth and job creation. The Council working through the TDA have deliberately maintained a diversified strategy for bringing forward regeneration and several projects not included in the LABV are progressing well; these include Whiterock, Clennon Valley, Oldway, Palm Court and Brixham Town Centre. In addition, several new opportunities have emerged recently, in particular those associated with the South Devon Link Road.”

Chief Executive of the Torbay Development Agency, Steve Parrock went on to say, It is disappointing that we did not receive an acceptable bid, one that we felt confident would deliver all the objectives we set out to achieve. However, we have to recognise changed economic circumstances and look for solutions better suited to current market conditions.”

Inward investment interest continues to be strong, with small and medium sized companies continuing to set up and expand in the Bay. In addition many of those organisations that participated in the LABV procurement are still keen to explore future opportunities on a site by site basis.

John Richards Non-Executive Chairman of the TDA said There are many reasons to remain positive and optimistic; Torbay has many competitive advantages which are continuing to prove attractive to some key growth sectors of the economy.”

One such example is the high tech industry which continues to thrive in Torbay. Today, this sector employs over 900  people in the area and that number will grow. It is one of our target sectors to attract investment and build on our existing strengths alongside tourism, retail, business process outsourcing, fishing and marine sectors.”

Property costs remain competitive throughout the Bay; our skills base is high; visitor numbers are rising and through the successful Urban Enterprise programme funded by the European Regional Development Fund (ERDF) we are improving the access to business support to help new and existing businesses start up, survive and grow.”