WARRINGTON Borough Council will provide a loan of up to £5 million to Wire Regeneration to help carry out regeneration in a ‘critical part’ of the town.

The council’s cabinet approved the deal at its meeting on Monday.

It will be used for the redevelopment of St James Business Centre.

Cllr Hitesh Patel, the council’s cabinet member for environment, housing and public protection, said it forms part of the ambitions to develop a ‘critical part’ of the town and to ‘create a high-quality’ business centre.

He added: “It’s in Latchford, one of our more deprived parts of the borough – and this development will really kick start some of the regeneration that we hope to do there, to give great opportunities for people living in that area, as well as people from across the whole of the town.”

Cllr Maureen McLaughlin, cabinet member for public health and wellbeing, said the proposal is for the regeneration of part of the town, which is a ‘key part of what councils do’.

In a report to cabinet on the ‘revolving credit facility’, it said the loan to Wire Regeneration Ltd was previously agreed by cabinet in November 2021, with this report seeking approval ‘on the detail’ of the loan.

The purpose of the move is to ‘extend the term of the joint venture agreement’ with Wire Regeneration Ltd and LPP Wire Ltd by a further five years.

Wire Regeneration is a joint venture company between Warrington Borough Council and LPP Wire Limited, originally Langtree Land and Property PLC and then Langtree Property Partners Limited, formed in 2014.

The report said the reason to recommend the loan is for the ‘promotion of economic regeneration’ in the town.

It added: “The organisation was set up to provide regeneration and development in the town’s Southern Gateway region and is based at the St James Business Centre.”