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About The New Company

The History

The New Swindon Company was formed in 2002 to stimulate investment and co-ordinate plans for revitalisation of the town centre as a key component to achieving sustainable economic growth. The urban regeneration area was around 220 hectares, with the major projects covering about 25% of the total.

With joint funding from the Homes and Communities Agency, the South West Regional Development Agency and Swindon Borough Council, The New Swindon Company was one of a limited number of Urban Regeneration Companies formed as a result of a Government initiative to breathe new life into key areas.

Working with strategic partners, the core role is to engage the private sector in a sustainable regeneration strategy. It acts as a catalyst for change, driving and co-ordinating major projects, harnessing public sector powers and resources to assist the private sector in delivery and attracting new investment to the town.

The current agreed annual revenue funding arrangements between the co investors concludes in March 2010. This gives us an ideal opportunity to review The New Swindon Company. The global recession has had an impact on Swindon’s plans for central regeneration, and we need to better integrate the town centre regeneration with plans for the rest of the Borough to ensure that all communities benefit from revitalization and growth.

The Way Forward

Swindon has an ambitious aspiration for its future, with economic well being a critical issue. We want to further stimulate investment in the town centre. A regenerated town centre will ensure we have integrated extensions that link and benefit Swindon’s existing communities. An improved town centre will help our plans for attracting a university to Swindon and bringing future economic investment to the Borough. All these plans need to work together effectively, and we need to use resources in the most efficient way.

As a result of this, we are creating a new organisation with a new and broader remit. It will deliver economic development, inward investment, regeneration, cultural development and place marketing, and high quality and sustainable growth in Swindon, operating on behalf of investors and shareholders.

Swindon Borough Council will act as the lead client for the Company and will be responsible, together with the new Chief Executive, for shaping the business plan on behalf of co-investors.

A new Board and non executive Chairman will accompany a new structure.

Company mission

"To deliver prosperity and a town everyone can be proud of."

Our draft Business Plan sets out the key objectives, highlights of which are:

  • Creating 10,000 new jobs in Swindon
  • Establishing a new business led University in Swindon
  • Developing 50,000 sqm of new offices in the town centre
  • Delivering a £5m public realm programme in Swindon town centre
  • Assisting 500 young people into employment, training or education
  • Re-developing 3 neighbourhood centres
  • Delivering 4,000 new houses with the accompanying community and transport infrastructure

Company Operations

It is envisaged that the Company will offer services over five functional areas:

  • Regeneration and development
  • Inward Investment
  • Place Marketing
  • Economic Development Projects
  • Cultural Development

The integration of these services means that we can offer a truly integrated service to our clients and partners.

The following sets out the key priorities and work streams of the Company moving forward. These will, over time, be reviewed and updated as projects are delivered on the ground and the priorities of the town develop.

Regeneration and development

  • Facilitating development by working with the private sector to ensure the highest quality of development in terms of design, environmental sustainability and supporting infrastructure.
  • Driving forward the delivery of the Central Area Action Plan and influencing the wider planning policy of the Borough.
  • Managing the design and delivery of public realm projects.
  • Ensuring the effective estate management of investor and company assets in the Borough.
  • Acquiring and disposing of investments in land and property.
  • Negotiating development agreements.
  • Master-planning and producing Planning & Development briefs commissioned by the Council.

Inward investment

  • Searching pro-actively for inward investors.
  • Facilitating the expansion of existing companies and securing further investment from them. This will involve close liaison with SBC on planning and other issues.
  • Liaising with agents to facilitate expansions and relocations.
  • Managing up-to date property databases, intelligence and data on Swindon.
  • Providing relocation support to inward investors.

Place Marketing

  • Ensuring a coordinated and professional approach to the marketing of the town to potential businesses and investors, the public and voluntary sectors and the Government and its agencies.
  • Developing the town's brand and image to ensure Swindon competes nationally and internationally.
  • Undertaking market research to provide an evidence base for the Company's activities.
  • Marketing venues and events in Swindon to wide ranging audiences.
  • Developing and delivering a strategy to build Swindon's image as a leisure and business tourist destination.
  • Managing the Big Screen in Swindon town centre.
  • Delivering the Council's commissioned marketing projects.
  • Securing sponsorship and generating funding to help ensure the vision is a reality.

Economic Development projects

  • Developing and delivering projects that meet the aims and aspirations of the Swindon Economic Development and Regeneration Strategy that will collectively fulfil its objectives. These will include, but not be limited to, the development and facilitation of:
    • Skills and labour market projects
    • The University project
    • Business support and Enterprise development projects
    • Sector development projects including the Environment Technology Project in close conjunction with Honda, the Technology Strategy Board and key Universities.
    • Business liaison and interface on behalf of the Council
    • Undertaking the client role for InSwindon (the business led Town Centre Management Company) on behalf of the Council

Cultural development

  • Developing new cultural activities and ensuring their success and popularity in Swindon.
  • Supporting and enhancing the existing cultural opportunities in the town with a particular emphasis on marketing.
  • Developing an aspirational Cultural Quarter in the town centre, which attracts visitors and tourists to Swindon while providing popular facilities for Swindon's communities.

Underpinning all the functions of the Company is a commitment to:

  • A solutions focussed and 'can do' approach
  • A commercial ethos and approach
  • Professional communications
  • Excellent research and intelligence capacity
  • Community liaison and effective consultation from the outset
  • Liaison with businesses at all levels
  • The ability to influence and secure outcomes from the Council and stakeholders.

Company investors, finance and resources

Swindon Borough Council will take over operational funding for the new Company with effect from 1 April 2010, in addition to taking lead responsibility for the forward strategy and business plans on behalf of co-investors the Housing and Communities Agency (HCA), The South West Regional Development Agency (SWRDA)

In addition to a level of core funding, SWRDA and HCA will invest in major projects in the borough, some of which the Company will deliver on their behalf under Service Level Agreements. The Company will secure private sector investment and sponsorship of projects and initiatives.

Operational funding to support the company organisation is assured through to 2015 and beyond. This is c £1.3m net and will be subject to annual negotiation through the overall business plan. This figure represents the current level of funding the Council and partners provides to deliver economic development and the cost of running the current TNSC operations.

Swindon Borough Council envisages the Company requiring less funding moving forward and will gradually reduce its level of annual contribution to £0.5m by April 2015. The company will need to develop a range of profitable ventures to create long-term sustainability.

The table below summarises how these funds are likely to be committed. It will however be the responsibility of the Chief Executive to deploy these resources to ensure effective delivery of the business plan.

The New Company budget 2010/11
(£000)
Employees and related costs 826
Office costs/ Premises 140
Projects 400
Total 1366

The overall business plan will be about the delivery of objectives and the ability of the organisation and the new Chief Executive to attract funding and investment from the private sector, Swindon Borough Council, the Housing and Communities Agency, the Regional Development Agency, Government Office and all other agencies in building a vibrant business community which is compatible with the planned population growth.

The Board

As the funding for The New Swindon Company comes to an end at the close of the current financial year, this gives an opportunity to refocus and maximise resources to meet the wider objectives for Swindon and the new Company. The Board will therefore be re-formed from 1 April 2010, with a new Chairman and Board Members.