Insider Media Limited

Doomed regional development agency Advantage West Midlands (AWM) has submitted plans for the disposal of £400m of assets as it prepares to wind down. Under the proposals, AWM confirms the closure of Gateway West Midlands and suggests that the British Midlands Development Corporation is wound up by the end of March. The document, now submitted for government approval, also advises that business parks in Coventry, Longbridge and Wolverhampton are kept by the public sector.

The plans suggest that Wolverhampton’s i54 site, Ansty Park in Coventry and the Longbridge development are kept open.

AWM submitted an assets and liabilities plan to the Department for Business, Innovation and Skills (BIS), making its recommendations for the disposal of its goods.

The agency said that its plan meets three key objectives: ensuring that its assets and liabilities create maximum long-term value for the West Midlands economy; maximises receipts to government; and achieves an orderly and timely closure of the organisation by March 2012.

AWM worked with and consulted with local authorities, local enterprise partnerships and other local partners to create the plan and now awaits sign off from government.

Under the proposals, AWM will resign its board membership to the Black Country Consortium, the Coventry, Solihull and Warwickshire partnership and regeneration project Pride in Camp Hill by March this year.

It also confirmed that it is looking for a private sector buyer to take on local stock exchange InvestBX, from which AWM will withdraw next month. The agency confirmed that if a private buyer is not found, InvestBX would be liquidated.

AWM also confirmed the closures of Business Link West Midlands, which has already begun the process of winding up.

Gateway West Midlands and the West Midlands Brokerage Services will also be shut down if proposals are accepted.

In a letter to partners, AWM chief executive Mick Laverty said: “The plan sets out the agency’s view on the disposal and transfer of the assets and liabilities held to support our work to promote economic growth in the region.

“Our approach has been to set out our rationale and vision for the assets and liabilities that we have acquired, consider options against that vision, and then recommend the option which we feel can deliver that vision and provide the best return on investment.

“We see this as very much the first stage of this process. The second will be to work with partners and interested organisations to consider and agree the appropriate destination for these assets and liabilities.”

“It will be vital to secure government’s early support for our strategic approach to enable us to engage in that detailed dialogue with confidence and certainty.”