REGENERATION company Renaissance Southend will be gone in under two years, a Tory MP has said.

Quangos and regeneration companies are in the firing line as the coalition Government makes massive cuts to public spending.

James Duddridge, MP for Rochford and Southend East, who is also a Government whip, said the company would be gone shortly.

Renaissance Southend employs eight full-time staff and has an annual budget of £900,000, which is provided by the Government’s Homes and Communities Agency, the East of England Development Agency and the council.

Based in an office in Clifftown Road, it was set up as a private company in 2005 by the Government and Southend Council to drive forward the regeneration of the town.

But Mr Duddridge said: “It’s untenable Renaissance Southend will exist in any shape or form within a couple of years.

“I can’t see how the Government would want to keep it.

“I personally have been on the record as saying it’s an expensive waste of money.

“It was an institution created around maximising Southend’s take of Government money.

“This Government will wipe away that system and concentrate on funding councils directly with what money is left after the previous Government bankrupted the country.”

Bosses at the company have taken credit for improvements to Victoria Circus, Cuckoo Corner and Progress Road, the development of Prospects College, the City Beach scheme and Warrior Square improvements and the arrival of Essex University in the town.

Colin Felton, spokesman for Renaissance Southend, said: “Everyone in the country is aware there will be cutbacks in the public sector. It’s too early to speculate about the future of Renaissance Southend.

“No indication has been given regarding the future of Renaissance Southend as a regeneration company.”

He added “huge amounts” of money had been won for the town by the company working with the council.

We’ll be around for at least another year, insists boss
RENAISSANCE Southend will be around for at least another year after more Government and council funding was announced, bosses have said.

Mike Lambert, the company’s chief executive, said: “Renaissance Southend has had its funding confirmed for this financial year from its partners the Homes and Communities Agency, the East of England Development Agency and Southend Council.

“It is for the partners, in consultation with the company’s board, to consider options for the future role and funding for Renaissance Southend beyond March 2011 and no decisions have as yet been taken.”

Murray Foster, vice chairman, added: “Everyone recognises the success in attracting more than £100million of public sector funding for Southend’s regeneration projects over the past five years will be difficult to emulate over the next five years.

“However, there remains an important job to be done in maintaining momentum and continuing to attract private investment to the town centre and at the airport to support and grow the economy and prosperity of Southend.”