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Regeneration firm loses council funding

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The withdrawal of council funding from a West Midlands urban regeneration company is threatening the future of the firm.

Sandwell Metropolitan Borough Council announced last week that it would no longer be providing RegenCo with its annual £300,000 from March 2010, which has left it facing closure.

In addition, RegenCo has also lost vital funding from regeneration quango the Homes and Communities Agency and regional development agency Advantage West Midlands. Both have refused to commit funding past March 2010.

Bob Badham, cabinet member for regeneration and transport at Sandwell MBC, said: “There was no way we could make up that shortfall.

“We did a lot of technical work (on regeneration projects) anyway, so we will now do that directly.”

RegenCo’s board is to meet in September to decide the company’s future, but it is not alone in losing council funding.

Tees Valley Regeneration and Bradford Centre Regeneration have also had their council funding axed.

David Smith-Milne, lead director of regeneration at Tribal Consulting, said: “The challenges regions face now are very different to a few years ago because of the recession and the reduced availability of finance.

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