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Torbay’s £20m ‘levelling up’ fund to drive economic growth

By Nagasunder in Business News, posted July 6, 2021

A multi-million scheme to improve the Brixham fish market is considered part of a bid to the Government for regeneration funds. It is understood that the multi-million schemes are a serious contender as one of a package of projects in a bid by Torbay Council for support from the Government’s Levelling Up fund. Up to £20million is available for successful bids, or up to £50million for road schemes, which the local MP's must approve.

Plans to reclaim land at Brixham harbour alongside the market would see extra space created for landing catch, increasing capacity at the port, which is the UK’s largest fish market by value sold.

The application was prepared by Torbay Council and its development agency (TDA) and focused on expanding Fish Quay to make room for more ships and creating a new electronics and photonics production park on Long Road in Paignton.

Kevin Foster and Anthony Mangnall, both MP’s, have supported the app, as did the Torbay business community. In Brixham, the land will be reclaimed to expand the port and fish market and a 7,000 square meter quayside.

This will create more landing space, allowing another five fishing boats to land at the same time. There will be two new auction rooms, doubling the existing capacity.

According to TDA, this investment may increase the value of landed fish value by up to 20 million pounds a year within five years. 150 additional jobs will be created throughout the year and will generate more than 11 million pounds of income for the local economy each year.

“Investment in Brixham’s harbour and the fish market would help secure the future of Brixham’s fishing sector, which has been badly affected by Brexit and Covid-19,” said Torbay Council Cabinet member Mike Morey. He adds, “These challenges and the lack of capacity for boats and landings is preventing the sector from significant growth.”

Paignton’s proposal will increase the city’s growing electronics and photonics industries and establish new production and manufacturing facilities in Torbay Business Park. It will bring “high-value” jobs through a 2,000-square-meter production facility designed for a growing local company, creating 175 new jobs and 18 million pounds for the local economy.

More money will be spent on infrastructure to set the stage for further development to create an additional 100 jobs. Council Cabinet member Swithin Long added: “The projects within our bid highlight our ambitions for Torbay". He further added, “There are significant opportunities in the fishing and high-tech sectors and these projects will help drive more high-value jobs.

source: Devonlive