Margate to receive £22.2m from Government’s Towns Fund

Margate is set to benefit from up to £22.2m worth of funding following the Government’s Town Deal programme announcement in the Chancellor’s Budget yesterday (Wednesday 3 March 2021). 

The funding was awarded after Thanet District Council – working with a dedicated Town Deal Board made up of Chairman Graham Razey OBE, our Cabinet Member for Economic Development, MP Sir Roger Gale, KCC’s Director of Economic Development, senior figures from business, education, the voluntary sector and members of the council’s management team – submitted its Town Investment Plan to the Ministry of Housing, Communities and Local Government in December 2020.

The Plan outlined a string of interlinked investments around four key themes:

• Scaling Margate’s Creative Production and Skills sector
• Investment in Coastal Wellbeing
• Investment in Public Realm and Connections
• Investment in Supporting and Diversifying Heritage Assets 

Cllr Rick Everitt, Leader of Thanet District Council said:
“I am delighted that Margate has been awarded up to £22.2m to support ambitious plans to reinvigorate the town centre economy, boost local skills and level up our visitor economy. This substantial investment is testament to the collective hard work and innovative thinking that went into the Bid and I’d like to thank everyone who contributed. 

“The Towns Deal funding will not only provide a much needed economic boost as we recover from COVID-19 but also provide opportunities for each and every member of our community. I firmly believe that, by working together, this will provide a lasting legacy and make Margate a better and brighter place for residents, businesses and visitors.”

Margate was one of 101 places given the opportunity to bid for funding of up to £25 million as part of the government’s £3.6 billion Towns Fund. The fund aims to support urban regeneration, skills development and improved connectivity by giving each place its own Town Deal.

Graham Razey, Chair of the Margate Town Deal Board, added:
“Today is a day for real celebration in Margate, as the Chancellor’s announcement means that we can now begin the real work to help create the even more thriving town which this community deserves.

“I’m immensely proud to have been able to work with community partners and business stakeholders to deliver a Town Investment Plan that has resulted in this Government funding, and greatly look forward to seeing the projects get delivered in the coming months and years.

“Margate is a genuinely fantastic and amazing place, and this investment will help to translate that into a town that is able to keep growing and flourishing for the community’s future.”

Jonathan Pearson, Member of the Margate Town Deal People’s Panel remarked:
“Margate is a very special place with a rich history, wonderful coastline and completely unique heritage assets. This funding will help the town realise its full potential, support residents and ensure it continues to be an exciting place to live and visit. We look forward to working with the Board as we move into the next stage of business case development and creating something that the people of Margate can be proud of.”

Next steps

The Government is expecting signed Heads of Terms by Wednesday 24 March, paving the way for the next stage which is to develop detailed business cases for selected projects in the Town Investment Plan (TIP). This process could take up to 12 months.

The funding will then be spent over a five-year period, steered by the Margate Town Deal Board. The overall programme is managed by Thanet District Council as the lead accountable body.

For more information about the Margate Town Deal, go to the website. Here you will find a summary video of the TIP, FAQs, and a full report outlining the feedback, suggestions and ideas from the community which helped to shape our Plan to drive economic regeneration.