A business support body has announced it will cease functioning next year. Coventry & Warwickshire Local Enterprise Partnership (CWLEP) has been supporting companies across the two areas for more than 11 years but has announced it will close down by the end of March.
The Government said earlier this year in its Levelling-Up White Paper that LEPs in England would integrate into local democratic institutions but CWLEP's board of directors met and agreed it would cease its functions instead.
Coventry & Warwickshire Growth Hub, which is currently part of the LEP, will proceed as a standalone entity with a new board of directors and a revised governance structure as a community interest company.
The new growth hub will also integrate business networking groups Coventry & Warwickshire Champions and Coventry & Warwickshire Place Board within the new function. This will initially be funded by legacy monies from CWLEP and local councils.
The new growth hub board will also establish a local economic forum to ensure the needs of business are factored into future economic planning.
CWLEP said that, during its time in operation, it had brought £191 million of investment to the area which had been match-funded by £407.4 million for a wide range of projects throughout. It claimed this had led to the creation of more than 17,500 jobs and support for 6,200 learners.
Other projects included the construction of 5,500 new homes, the completion of 1.6 million sq ft of commercial floorspace and new skills centres alongside financial support for a very light rail system in Coventry.
Chairwoman Sarah Windrum said: "CWLEP leaves a lasting legacy of which we can all be proud. It has been my privilege to follow in the footsteps of previous chairs and their drive and determination has played a key role in our success over the last 11 years.
"CWLEP funding has made a considerable difference to our town centres through projects like Transforming Nuneaton, Henley Street in Stratford and the North Warwickshire Arts Challenge as well as infrastructure improvements ahead of Leamington hosting the Lawn Bowls and Para Bowls for the 2022 Commonwealth Games.
"The Coventry & Warwickshire Growth Hub continues its highly impressive work supporting companies of all sizes throughout our area and providing ongoing business insight as a crucial part of economic planning.
"I would like to thank all the LEP board directors and members of the business groups for voluntarily giving us their time and energy and making our region the exciting place it is to live, work, study and invest. Their commitment has been second to none and it has been a pleasure to share their ideas and enthusiasm."
