BIS funding approval paves way for full funding support from EM3, HCC & RBC.
Development of new conference and exhibition facilities by 2018
Farnborough International Ltd (FIL), owners of FIVE and organisers of the Farnborough International Airshow (FIA) have been awarded funding via its Local Enterprise Partnership (LEP), Enterprise M3, toward the development of state-of-the-art conference and exhibition facilities at the FIVE venue at TAG Farnborough Airport.
The £5 million loan facility will allow FIL to explore the potential to secure further funding from Hampshire County Council (HCC) and Rushmoor Borough Council (RBC) to support the planned
development which will see the temporary structures commonly used at the venue replaced with the proposed development. Expected to cost £25m, the new centre will provide core generic facilities including conference rooms, meeting rooms, media centre, restaurants and business centre as well as a large 12,500 sqm (134,500 sq. ft.) double-height exhibition zone which can be subdivided into three halls.
Speaking about the funding, FIL Chief Executive, Shaun Ormrod said: “We are delighted to receive support for our strategic vision for the Farnborough International Airshow and we look forward to working with the local Councils, Enterprise M3, the Department of Business and Barclays to finalise the funding details. We successfully delivered the first permanent chalets in time for the 2014 Airshow and will begin construction on the new permanent exhibition hall after FIA2016 with the view to completion in time for FIA2018. This support for the future of the show both recognises the vital importance of the UK Aerospace industry to the local and national economies and will help ensure that Farnborough remains the premier international airshow for years to come.”
Geoff French, Chair of Enterprise M3 Local Enterprise Partnership, commented: “We welcome today’s announcement of Government funding for Farnborough International to use towards the design and build of a new permanent exhibition hall to support the world leading Farnborough International Airshow. The Airshow is an invaluable asset for not only the local Enterprise M3 economy but also the national economy as a whole. This investment in its infrastructure will ensure that Farnborough International Airshow maintains its high ranking status in the competitive market of top international airshows.”
Peter Moyle, Leader of Rushmoor Borough Council also commented: “Farnborough has a long aviation history and the Farnborough International Airshow is a real asset to the town. The show already makes a significant contribution to the local economy, as such we fully support FIL’s development of the show site to improve facilities for the airshow and enable it to host more events.”
Cllr Sean Woodward, Executive Member for Economy, Transport and Environment, Hampshire Country Council said: “We are delighted to hear today’s announcement. Farnborough is recognised internationally as the home of aviation and Farnborough International Airshow is of vast importance to the aerospace industry, providing a global shop window for the UK aerospace sector. The development of a state-of-the-art exhibition facility is an extremely worthwhile investment which will not only help the airshow further it’s success and support and sustain economic growth in the region but also benefit the entire South East by providing much needed exhibition space.