The Lancashire Urban Development Fund officially launched on Thursday 24th March at an event held at Preston’s Cotton Court Business Centre.  

The team from igloo Investment Management and Lancashire County Council welcomed some of the county’s leading contractors and developers to the event where they shared specific information on the fund, eligibility criteria and how loans can be activated.  

Also in attendance was County Councillor for Lancashire Development and Growth, Aidy Riggot, who spoke about what the fund will mean for Lancashire’s post-Covid recovery plan.   

He said: “This fund will assist in rebuilding Lancashire’s local economy by creating and retaining jobs that drive sustainable growth as we recover from the pandemic. Many projects were stalled over the last two years and are still struggling to get off the ground.  

This fund is a great opportunity to push many projects into the next stages of development.”  

Robert Wood, investment director at igloo Investment Management, said: “It was great that the presentation was so well received, we had some great conversations with guests, and we look forward to doing what we can now to help them with their projects.  

“This injection will be a real boost for the Lancashire economy and is a brilliant opportunity for developers looking to bring forward their stalled projects. We are open to listening to any and all eligible ideas and assist and advise where we can.” 

The event also included example case studies of similar projects that igloo Investment Management has supported with other similar funds, to showcase the level of expertise people can expect from the team. One of those projects was Mersey Reach, a multi-let industrial site in Aintree by the developer, Chancerygate. The project had been stalled for seven years before igloo Investment Management, with the help of The Chrysalis Fund and Liverpool City Region Urban Development Fund, was able to structure a loan to help the project reach completion and open up the adjacent site for further development. 

The Lancashire UDF was established via Lancashire County Council and the European Regional Development Fund (ERDF), to enhance the growth of small-to-medium-sized enterprises in key sectors such as aerospace, engineering, and automotive, creative and environmental. 

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For further editorial information, please contact: 

Megan Walsh 

Megan.walsh@activeprofile.co.uk 07874 856517 

Nicky Hughes 

Nicky.hughes@activeprofile.co.uk 07566 793556 

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European Regional Development Fund  

The project is receiving up to £20m of funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Department for Communities and Local Government (and in London the intermediate body Greater London Authority) is the Managing Authority for European Regional Development Fund. Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information visit https://www.gov.uk/european-growth-funding.