§ 89. Mr. MaddenTo ask the Secretary of State for the Environment how many firms who have received urban development grants and urban regeneration grants have (i) ceased trading subsequently, and (ii) required further financial assistance.
§ Mr. TrippierA total of 350 projects have received or are receiving urban development grant, urban regeneration grant or city grant. None of the developers involved has ceased trading while the grant-aided project was underway. A total of 190 projects have been completed and many of these have been sold or let. It is not therefore possible to say how many firms ceased trading subsequently. However, I am aware of two cases of business projects which received urban development grant and later ceased trading.
Urban development grant, urban regeneration grant and city grant are one-off injections of assistance given at the start of a project. The developer then proceeds at his own risk and cannot get second instalments of grant if the project performs below expectations.