Council sell shares in University science park

The University of Warwick has agreed to take on the full ownership of The University of Warwick Science Park (UWSP) as the council are set to sell its shares.

Coventry Council currently own 45 percent of the shares in the science park, and argue that in the current climate, their priority is to protect frontline services as the council faces £40 million worth of cuts this year.

It has been reported that council leader John Mutton said borrowing money to pay for the required redevelopment would leave city taxpayers out of pocket.

The Science Park was established in 1982 owned by the University of Warwick, Coventry City Council, Warwickshire County Council, and the West Midlands Enterprise Board. The key aim of its creation was to bring new technology and knowledge based activities to the city that would directly benefit from co-location with the University.

University Press Officer Peter Dunn has stated: “The Science Park has been an astounding success, not only in creating new jobs, but also diversifying the range of employment opportunities in the city. It has now matured to the point that it now hosts 125 businesses and knowledge based activities. The University of Warwick will continue to build on that success.”