PENDLE Council is hoping to buy the KwikSave site in Brook Street, Nelson, to create small starter business units.
The premises are being marketed by the parent company, Somerfield Stores Limited.
A proposal has been developed in partnership with Northern Technologies for the council to buy the building and refurbish it and then an agreement would be entered into for Northern Technologies to manage the units.
The Cambridge study, recently carried out into the future of Nelson town centre, highlighted a poor rate of new company formation and survival in Pendle and said this problem needed addressing.
It is hoped this proposal would provide incubator units for 'high tec' companies linked to those already successfully developed by Northern Technologies.
A bid for funding from the Single Regeneration Budgets two and six was approved for an original sum of £520,000 and costs.
Terms have now been negotiated to buy the premises for starter units at a sum of £625,000 with the extra £110,292 funded from a ten per cent increase in the SRB funding, already approved by the Local Strategic Partnership, and £55,560 from resource procurement, to be decided at the meeting of the executive tomorrow
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