(RELEASED: 22 May 2009 )
CROYDON ECONOMIC DEVELOPMENT COMPANY - PROGRESS

The transfer of Croydon Business in to the new Croydon Economic Development Company (CEDC) was completed yesterday, with the unanimous support of the outgoing Croydon Business Board. Brian Stapleton, Chief Executive of Croydon Business from 2007-9 and member of the Board said, ‘We are pleased to hand over the Croydon Business legacy to the new CEDC - we at Croydon Business have always supported the development of the new Company, and are confident that this new arrangement will give the borough and its businesses access to the best quality advice, support and opportunities going forward.'

Croydon Business will remain as a legal entity for the time being but it will be now be managed as part of the CEDC. Over the next few weeks the CEDC will grow further with the addition of members of the Croydon Enterprise team, ENVIBE, and the District Centre Managers. The town centre Business Improvement District is now also part of the CEDC family, with the BID having a seat on the CEDC Board. With the transfer completed, the new Company can now start to take forward new ways of integrated working and streamlined delivery.

Speaking following the meeting, Barry Rourke, Chair of the CEDC Board said ‘The unanimous approval from the Croydon Business board to become part of the CEDC is a significant milestone. This amalgamation will help the new company in fulfilling its  broader remit across the areas of  Business Support, Image & Inward Investment, and Skills & Employment'

The new Chief Executive Tony Kildare joins on Tuesday 26^th May and the first full meeting of the CEDC Board will take place on the 1^st June.

Ends

Note to editor

The EDC is a ‘not for profit limited company' that will build on successful partnerships between the council and the business community, it will drive and deliver a coordinated economic strategy that creates an environment for local, national and international businesses to thrive, developing wealth and opportunity for the community. This represents a transformation in how Croydon promotes itself and provides a single voice to lobby for investment and growth.

The EDC will have access to a broad range of sources of public and private sector funding, including a core grant from the Council, LEGI contracts, European Regional Development Fund income as well as sponsorships and other income from the private sector.

Board members in photos