Business news
Second WRC chief quits
Chief Executive of Walsall Regeneration Company, Dr Peter Cromar, has announced his retirement from the company with immediate effect. The news comes just 7 weeks after chairman Ben Reid stepped down, blaming his departure on pressure of work. Dr Cromar, aged 61, wishes to spend more time with his family.
Walsall Regeneration Company was set up to attract substantial private and public sector investment to deliver a “thriving new Walsall – a town for enterprise” and hopes to secure nearly £1billion in funding over a 10 year period. Launched in January 2006, the company’s “Prospectus for Growth” sets out ambitious plans for 8 major regeneration projects including the upgrade of the Manor Hospital and the now opened Walsall College.
However, other projects have been dogged by delays, lack of investment, overspend and controversy. Plans for the regeneration of the St Matthews Quarter underwent a major review following the mysterious fire at Shannons Mill in August 2007 and the now notorious ring road was completed late and over budget. Following a cut in funding from Advantage West Midlands, the plans to transform the former IMI James Bridge copper works into a business park as part of the Darlaston Strategic Development Area were put on hold. Walsall Gigaport was granted outline planning permission in October 2008 but it is feared that the recession is causing a lack of outside investment in the project.
In May, Whitbread pulled out of the flagship £65million Waterfront development where they had intended to build a 120 bed hotel and restaurant. In July, the Waterfront project was scaled down. Dr Cromar has resigned 4 weeks after the government stepped in with an £8.5million “kickstart” for the stalled development. The funding from the Homes and Communities Agency means that Jessup in partnership with Accord Housing Association can start work on 158 homes as the first phase of Waterfront South. Whitbread has now re-entered negotiations with developers Urban Splash to revive the hotel scheme.
Speaking at the time of the government intervention in early November, Peter Cromar said: “This is the confidence boost we needed. No-one wanted to be the first to take the plunge, now this funding will enable Jessup to go ahead with their work and when other investors see the work going on they will be encouraged to get on board as well.
“It has been a long road, it was first mooted around 2002 when no one could forsee what was ahead but hopefully this is now the start of things to come.”
Newly appointed chairman of Walsall Regeneration Company, Brian Lowe said: “Peter has made a huge contribution in his time as chief executive but has now decided it is the right time to pursue other interests following the recently published External Review.
“Whilst we will miss Peter’s leadership of the WRC, the board has confidence in the rest of the WRC team to continue to work with all our partners.”
The departure of Dr Cromar coincides with the stepping down of entrepreneur Norman Price as chairman of the Advantage West Midlands Enterprise Board.
Peter Cromar has a first class honours degree in Geography and PhD from Cambridge. He is also a qualified chartered accountant and has previously worked in Sheffield and as Chief Planning Officer in Wakefield. He said: “I have been chief executive of the WRC since its formation. The recent external review concluded that real progress has been made.”