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Phase 2 Development Secures Funding
Funding secured for new permanent facilities at Airshow site
BIS funding approval paves way for full funding support from EM3, HCC & RBC.
Development of new conference and exhibition facilities by 2018.
Thursday 29th January, 2015: Rt Hon, Greg Clark, MP, Minister for Cities announced today that the Government has given its approval of funding via the Enterprise M3 Local Enterprise Partnership (LEP) toward the development of state-of-the-art conference and exhibition facilities at the TAG Farnborough Airport, the home of the Farnborough International Airshow.
The £5 million loan facility will allow Farnborough International Ltd (FIL), FIL to explore the potential to secure further funding from Hampshire County Council (HCC) and Rushmoor Borough Council (RBC,) in order to support the planned development by FIL, organisers of the Farnborough International Airshow and owners of FIVE – Farnborough International Venue & Events.
The proposed development will see the replacement of the existing Hall 1/1A structure with permanent exhibition and conference venue expected to cost £25m that traditionally provides the core generic facilities (conference rooms, meeting rooms, media centre, restaurants and business centre) essential to the running of the International Airshow. In addition, these new facilities will become home to the existing, growing portfolio of events based at Farnborough outside the airshow.
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 and the Department of Business 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 Halls 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.”