WDC to close
The Wolverhampton Development Company (WDC) will begin winding down following huge cuts undergone by its funding partners, chief executive Stephen Catchpole has told Insider.
He said: “AWM [Advantage West Midlands] and the city council have had to make some difficult decisions regarding funding. They are under a lot of pressure and could not guarantee funding for WDC for the next year.”
He added that WDC board members will meet on 27 August when more will be known about the future of the organisation and its financial position will be established.
As the city’s urban regeneration company for the past three years, WDC has been involved in a series of major projects in Wolverhampton, including planning consents for commercial developments for Treetops and Citygate and the £37m Victoria Hall student village.
A spokesperson for AWM said: “These are extraordinary circumstances. Inevitably some difficult and unpopular decisions have to be made.
“Some difficult discussions are currently taking place with partners as the agency reviews its portfolio of 600 projects in order to make savings of around £40m this financial year. This is an extremely challenging time for the agency and we are acutely aware that it’s just as challenging for our partners.”
