Newhaven Enterprise Zone announces £2.2m growth drive
Posted on 22/11/2022
The Newhaven Enterprise Zone (NEZ) is calling for local businesses to have their say on how it should reinvest £2.2 million to support economic growth in the town as it celebrates five years of success.
As well as the considerable £2.2 million it has built up in reserve, the NEZ generates more than £823,000 per year through business rates income to reinvest in local economic growth.
Business leaders are invited to join the NEZ Champions Meeting on Wednesday 7th December to share ideas on how NEZ investment should be prioritised to boost the town’s economy. The meeting will also provide a chance to hear from local businesses which have benefited from NEZ investment and activity so far, including work to unlock valuable commercial space in Newhaven for growing companies.
It comes as the NEZ celebrates five years of roaring success since its launch in 2017, having created more than 70 new jobs across a range of sectors and helped over 40 businesses through its rates relief programme.
Other achievements include securing funding to develop the land at the East Side South Business Park, which is now home to several unique flourishing businesses, such as creative window display company Hello Flamingo, Mamoosh bakery and Surrey Nanosytems, creators of the blackest material in the world, Vantablack, used by Turner Prize-winning artist Anish Kapoor.
Corinne Day, NEZ Programme Director, said: “We’ve been working hard over the past five years to support businesses to expand - our work to develop East Side South Business Park is the perfect example of what an Enterprise Zone should be doing to stimulate growth and create jobs.
“Looking ahead, we want to hear what businesses need to grow and what they think our priorities should be for how we reinvest the £2.2 million we have in reserve and our business rates income. For example, this could be targeted grants to support key sectors or using the cash to unlock more quality commercial space.
“We hope to see lots of local businesses at our Champions Meeting on 7th December and look forward to hearing their views as we continue to drive growth, prosperity and build on our sense of pride and future goals for Newhaven.”
A collaboration between the South East Local Enterprise Partnership and Lewes District Council, the NEZ is part of the Enterprise Zone scheme set up by the government to stimulate growth and benefit communities.
Enterprise Zones generate income to reinvest in local growth through business rates and can apply for additional government funding. Newhaven is the only town in the UK to have won funds from the three available treasury pots around towns, economies and levelling up.
The NEZ Champions meeting takes place from 11am to 1.30pm on Wednesday 7th December at the Hillcrest Centre in Bay Vue Road, Newhaven. The meeting will kick off with a talk on the NEZ’s work to drive forward development and growth to date, with success stories from three local businesses and the chance to share ideas for the future. Refreshments will be provided.
To register for the Champions Meeting, please visit our Eventbrite page.