John Laing plc yesterday (4th December 2008) signed a partnership agreement with Tunbridge Wells Borough Council to regenerate four Kent towns - Royal Tunbridge Wells, Cranbrook, Paddock Wood and Southborough.

The 50/50 partnership will see the Council and John Laing working together to bring forward civic, retail, commercial, community or residential property opportunities by redeveloping or regenerating assets currently within the Council’s portfolio, ensuring satisfaction of the Council’s obligations to achieve best value consideration.

Upon completion each development will either be sold, or retained within the partnership to provide an income stream, dependent on prevailing market conditions. All profits will be shared 50/50 between the Council and John Laing.

The partnership is one of the first Local Authority Asset Backed Vehicle to be established in the UK and will be called the Tunbridge Wells Regeneration Company Limited. It will last for (an initial) ten years. The partners will have equal representation on the board, with four directors from the Council and four from John Laing. The four Council directors will be Councillor David Jukes, Councillor Glenn Hall, Councillor Peter Davies and Robert Cottrill, Director of Planning & Development.Under the partnership John Laing will also provide masterplan services for the four towns to ensure an holistic approach to development and regeneration.

Cllr Roy Bullock, Leader of Tunbridge Wells Borough Council, said, 'In forming the Tunbridge Wells Regeneration Company with John Laing, Tunbridge Wells Borough Council can work in a formal partnership with them to regenerate and redevelop the four towns in the Tunbridge Wells Borough. We are delighted that after a long formal process we are able to sign this forward-thinking agreement with the Private Sector and seal our partnership with John Laing. We are confident that this partnership will be of lasting benefit to the future of our Borough.'

Jamie Kerr of John Laing commented, 'It is very exciting for John Laing to be partnering with Tunbridge Wells Borough Council in such an innovative way to deliver their ambitious regeneration and development agenda. This partnership establishes a long-term capital programme that will deliver regeneration projects to transform local communities. By working together as one team we will ensure these developments are relevant and promote the economic, social and environmental wellbeing of Royal Tunbridge Wells, Cranbrook, Paddock Wood and Southborough.'

John Laing team was selected as preferred bidder on 20 December 2007, with the Council’s Cabinet agreeing to enter into the partnership on 2 October 2008.