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Agency that brought in £1bn will be wound up

Mar 25 2009 by Peter McCusker, The Journal

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TEES Valley Regeneration, which has led efforts to revive the economic fortunes of Teesside, is being wound up, having attracted more than £1bn of investment in its seven-year lifetime.

Joe Docherty, who has been TVR’s chief executive since it was formed in 2002, will leave before that.

Changes in the way the Government achieves regeneration have led to the announcement that TVR, which is Britain’s biggest urban regeneration company, will be wound up in March 2010.

Major regeneration schemes spearheaded by TVR include Middlehaven in Middlesbrough, North Shore in Stockton, Central Park in Darlington, Durham Tees Valley Airport and Victoria Harbour in Hartlepool.

The schemes will be handed over to councils and other agencies to complete. TVR chairman Graham Roberts said: “Tees Valley Regeneration has built a solid platform for the five major regeneration projects and established the Tees Valley as a welcoming and great place for businesses to grow.

“We are fortunate that during this period we have been led by an energetic, tenacious and visionary chief executive in Joe Docherty.

“Joe and his team at TVR have done an excellent job in driving these hugely complex schemes from their early stages, and securing private sector investment to bringing forward major developments.”