Since then, it has been funded by the Department for Business and Trade, the European Regional Development Fund and Coventry and Warwickshire’s local authorities, district and borough councils.
The organisation became a separate entity in March this year following the Government’s decision to integrate Local Enterprise Partnerships into local democratic institutions.
Now, Coventry City Council and Warwickshire County Council have agreed at Cabinet meetings to become joint shareholders and join the board of the new company.
A new board of directors will be formed to involve representatives from the private and public sector throughout the area.
Sarah Windrum, former Chair of CWLEP, said the remaining funds from its closure after 12 years had been transferred to CW Growth Hub.
She said: “Since March 31, it has been business as usual for the Growth Hub in terms of providing help, information and advice to businesses across Coventry and Warwickshire.
“The Growth Hub has transitioned smoothly from being part of CWLEP to a stand-alone entity and the decisions at Cabinet level by Coventry City Council and Warwickshire County Council for the shareholding agreement in the company to be ratified means this is a new era for this successful business-led support service.
“The local authorities will have equal shares as shareholders, underlining the partnership approach which was the hallmark of CWLEP and the bedrock of our success in securing funding for projects to drive economic growth throughout Coventry and Warwickshire, from large capital infrastructure investments to careers support for the future talent pipeline.”
Councillor Jim O’Boyle, cabinet member for jobs, regeneration and climate change at Coventry City Council, said: “I’m really pleased that the good and much-valued services of the Growth Hub can continue. Having a job or the chance to work is really important, it changes lives for the better – so it’s good news that the Growth Hub will continue to support local businesses which in turn will secure and create new job opportunities.”
Cllr Martin Watson, portfolio holder for economy at Warwickshire County Council, said: “Warwickshire County Council recognises the importance of a single front door for business support and the clarity that that gives businesses. There is a wealth of support available to businesses in the region which can only maximise its effectiveness if they know where and how to access it.
"It is critical that the right body is in place for businesses to liaise with, one which can identify the best and most appropriate support and to making referrals into these programmes of support. We wanted to maintain this function across the Coventry and Warwickshire area, and we have worked closely with Coventry City Council to create this new structure.”
Craig Humphrey, Chief Executive Officer of CW Growth Hub, added: “We have been mindful of the regionalisation of funding and the fragmentation of the UK Shared Prosperity Fund but the most important aspect is that our level of services have remained constant to businesses throughout our patch.
“That is really important because businesses crave stability and consistency and these political decisions mean we will carry on delivering the best possible support to firms ranging from early life to scale ups.
“We have also integrated Coventry & Warwickshire Champions and CW Business Solutions into the CW Growth Hub Group so we are looking forward to the future with purpose and ambition to continue to ensure our Growth Hub is one of the best in the country.”
Over the last nine years, CW Growth Hub support has led to the creation of around 10,500 jobs, added £400 million in gross value to the local economy, and leveraged about £300 million in private sector investment for businesses in Coventry and Warwickshire.
Pictured: Craig Humphrey, Chief Executive Officer of CW Growth Hub
