FORMER ENGINE FOUNDRY DRIVES REGENERATION

Local businesses will have a chance to put down roots and help a once-declining Cornish town thrive, thanks to funding from CAF Bank.

The Harvey's Foundry project is part of a wider ten-year regeneration scheme.

Harvey’s Foundry, a project that turned two listed derelict buildings into new office space, has opened its doors in Hayle, West Cornwall.

The project was completed successfully thanks to CAF Bank, which provided a loan of £540,000 for the last phase of the build.

The scheme has so far created over 100 jobs in the area, and is part of a wider ten-year regeneration plan that has seen an area of the town transformed into a thriving hub.

Speaking about how the collaboration helped bring the project to life, Laura Walton, Chief Executive of Harvey’s Foundry, said: “CAF Bank enabled us to move forward on a project that was four years in development; without CAF Bank we did not have enough funding for the project to go ahead. They are very approachable and understand the needs of the charitable sector.”

AWARD-WINNING REGENERATION SCHEME

Hayle, and Harvey’s Foundry specifically, was the base of the main mining engine foundry in the world in the early 19th Century.

But when the area suffered industrial decline, the Foundry was left redundant.

A spokesperson added: “There was not anywhere else in the area with the same provision for businesses, not really anything else similar in the area.

“This will help bring in more business in the area, and as a result the whole area will look better.”

The project involved the conservation and adaptation of two derelict Grade 2 buildings and a new sympathetically-designed extension to create 18 new office units.

Before the completion of the construction, seven of the offices in the building had already been booked up, indicating the need for the new space for local business-owners.

The wider regeneration scheme, which has created a multitude of jobs in the area, has won a number of awards, most recently a Planning Award for best use of heritage, Arts, Culture or Sport in peacemaking in 2016.

FINANCING YOUR PLANS

If your charity is considering loan finance to help conserve, restore or renovate a heritage building, talk to our charity loan experts or download CAF's free guide to repayable finance .

CAF Bank loans are non-regulated products.

Loan applications subject to credit assessment. Security will be required.

Charity assets may be at risk if you do not keep up with the repayments for a mortgage, loan or any other debt secured on them.

If you're thinking of consolidating existing borrowing, you should be aware that you may be extending the term of the debt and increasing the total amount you pay.

CAF Bank Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register number: 204451).

CAF Bank Limited Registered office is 25 Kings Hill Avenue, Kings Hill, West Malling, Kent ME19 4JQ. Registered in England and Wales under number 1837656.