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£1.4m to Boost Growing Space for Life Sciences Companies
A £1.4million investment will provide more space for life sciences companies at a Nottingham Enterprise Zone site - thanks to funding from the D2N2 Local Enterprise Partnership, Boots and MediCity.
Boots, the UK's leading pharmacy-led health and beauty retailer; MediCity, the business incubation site for health, wellbeing and life sciences enterprises; and D2N2 will fund the refurbishment of further areas within MediCity to create an additional 29,800 square foot space to host a cluster of new and growing health, medical technology and life sciences sector companies.
MediCity is based on the Boots site in Beeston, which is part of the Nottingham and Derby Enterprise Zone. It's estimated the new expanded facility - which is expected to be available from spring 2017 - could directly create more than 150 jobs over the next 18 years (up to 2034).
Utilising previously agreed investments, Boots and MediCity will provide just over half the funding for the new venture; costing £1,496,000 in total.
The D2N2 LEP - the private sector-led partnership which promotes economic and jobs growth across its area of Derby, Derbyshire, Nottingham and Nottinghamshire - agreed to provide the remainder of the funding (£740,000) at a recent meeting of its Infrastructure and Investment Board. The money will come from D2N2's £192m Local Growth Fund allocation, used to invest in infrastructure which directly adds to jobs numbers and economic growth.
David Ralph, Chief Executive of the D2N2 Local Enterprise Partnership, said: "Life Sciences is one of our eight key business sectors and a growth industry in the D2N2 LEP area.
"With the current MediCity building at more than 90% occupancy, space for new companies or for existing ones to expand is urgently needed to meet demand. Funding refurbishment of this building through the Local Growth Fund will enable a new cluster of life sciences companies to develop their business, adding to the sector's strength."
David Browning, Director of MediCity, added: "Since launching MediCity almost three years ago, we have already established a thriving community of entrepreneurs solving healthcare challenges. This funding will enable us to provide facilities to support the establishment and growth of additional ventures, developing high impact innovation across healthcare.
"The expansion of MediCity will also play a key role in helping us to provide further support, through our successful Accelerator programme."
Mark Chivers, Director of the Nottingham Enterprise Zone at Boots, said: "By offering additional space for companies to grow and expand in these world-class facilities, we're further demonstrating our confidence in the progress of MediCity and long term commitment to its growing businesses.
"The core businesses that MediCity represents: health, beauty and wellness are a growing part of Nottingham's employment landscape, and are seen as key sectors where the city has a competitive advantage. We look forward to seeing MediCity harnessing the future pipeline of talented innovators and companies that this new space will attract to the site and city."
MediCity is based in the historic Grade 1-listed D6 building on the Boots site, and was the first business initiative to open within the Nottingham Enterprise Zone site in 2013. MediCity offers fully serviced office and laboratory space, designed to offer a stimulating and supportive business development environment for innovators in consumer healthcare, medical technology, diagnostics and beauty products.
Business Minister Nick Hurd, who is charged with helping to boost economic growth in the East Midlands, visited the MediCity site last month (November). He met with Boots, D2N2, MediCity executives and other businesses to hear about the new plans.