Ocean Studios could create more than 100 jobs for the city

Studios that could create over 100 jobs and a home for Plymouth’s burgeoning creative arts enterprise culture look set to get the go-ahead.

Plymouth City Council's cabinet, which meets on August 6, is likely to approve plans for the Council to act as guarantor to the eagerly-awaited Ocean Studios in Royal William Yard and to make a financial contribution from its ‘Building for Jobs Investment Fund’.

This commitment from the Council will help the community interest company behind the project unlock £3.27 million public funds to create affordable artists’ studios that will lead to over 100 new jobs, safeguarding 40 and facilities to encourage talented graduates from Plymouth University and Plymouth College of Art to stay in the city.

The Council leadership says the scheme has been something the city has wanted to see for a long time and has grown out of years of cooperation between networks of creative producers. It will also include an education and outreach programme for Stonehouse residents as well as nearby recovery houses and homeless centres to inspire people through art to build their self-confidence and skills.

The studio is hoping for a £1.978 million European Regional Development Fund grant, which aims to support regeneration and create jobs in more deprived parts of the South West Competitiveness area.

The company is expecting a £794,000 loan from the Growing Places Fund, which is administered by the Heart of the South West Local Enterprise Partnership, providing the Council acts as guarantor and will be matched by the Council’s Investment Fund. An outcome to both grant applications is expected shortly.

The rest of the funding will be made up by £455,000 from English Heritage and £52,000 from others.

Council Leader Tudor Evans said: “We’re helping to bring the pieces of this complex financial jigsaw together. This project with the potential to super-charge a key priority sector for the economy that creates a buzz and adds a real dynamic element to our city and it works on so many levels for us.

“It’s part of our Plan for Jobs as a hub that supports start-up businesses and shows how a Co-operative Council can work with residents and partners to inspire involvement and a ‘let’s do this’ attitude. It’s also part of Plymouth’s Urban Enterprise Programme, which is about equipping the unemployed with the advice, skills and knowledge to set up their own business.

“And it is an ideal candidate for our Building for Jobs investment fund – supporting this scheme will help an organisation create jobs, skills and economic growth.”

Ocean Studios Business Development Director Leigh Mason said: “Artist studios have played a pivotal role in the wider economic development of other comparable cities and we believe that Ocean Studios will do this for Plymouth.

“The Council has been incredibly supportive and we are grateful to them for sharing our vision and helping this exciting dream become a reality.

“Each year over 500 art students graduate from Plymouths’ higher education institutions. However, currently there is an insufficient amount of studio provision within the city and artists are forced to move elsewhere. Through the creation of a unique managed workspace, Ocean Studios will address this issue, boost creative enterprise and engage local people with the arts.”

The Cabinet paper recommends the Council acts as a guarantor to the Growing Places Fund loan of up to £794,000, but only at the end of the 10-year loan period and only if Ocean Studios CIC was unable to repay the loan. The paper also recommends a contribution of £794,000 from the Investment Fund.

The Building for Jobs Investment Fund was created as part of the city’s Plan for Jobs, which pulls together key projects that will help create around 2,000 jobs over the next two years.

The fund aims to provide a substantial boost to growth and job creation and was created following months of work looking at the Council’s capital resources and funding to see what could be diverted to help shift the city’s economy up a gear.

Council Leader Tudor Evans added: “The need to create jobs is the most important issue we face at the moment, which is why we are prepared to commit resources to schemes that can provide work for people and help the city to carry on growing.”