A PIONEERING public-private regeneration partnership has been restructured after a local authority sold its stake to the family which created Accrol Papers.

Globe Enterprises was created in 1995 by Hyndburn Council, the Barnfield Group, and businessman Stuart Nevison, one of the founders of Burnley electronics firm AMS Neve.

Its first job was to transform the ruins of the Howard and Bullough works in Accrington into a business hub.

Since then it has invested millions of pounds into the borough economy creating thousands of jobs.

Projects included the Waterside apartments complex and The Viaduct in Accrington, and the conversion of Great Harwood Town Hall into business suites. Now Hyndburn Council has sold its shares to a new company JH Estent Ltd, set up by Blackburn’s Hussain family who founded Accrol, to secure further long-term private sector investment.

Globe Enterprises chairman Mr Nevison said: “The partnership was unique 25 years ago because this was on the first such agreement between the private and public centre.

“We faced some big challenges starting with redeveloping the derelict nine-acre site into the Globe Centre, now home to more than 600 jobs.

“I think we have been a successful regeneration and job creation enterprise and are looking forward to continuing with our new private sector partner. We are proud of what we have achieved.”

Hyndburn Council leader Cllr Miles Parkinson said: “The council was pleased to be part of the partnership which set up Globe Enterprises which has made significant investments across the borough.

“Things move on and we decided it was time to sell the council’s stake. Hyndburn Council received a significant sum for its shares which will be put into reserves.

“We look forward to Globe Enterprises going from strength to strength.”

A spokesperson for the Hussain family said “JH Estent looks forward to significantly growing Globe Enterprises through investment in nee projects with a focus on employment creation.”

Tim Webber, chairman of the Barnfield Group, said “This is a new and exciting chapter to build on the success story that has already been Globe Enterprises. “

Father and son, Jawid and Majid Hussain stood aside from running Accrol when it was floated on the Stock Market in 2016.