Exeter College secures funding for new centre

The £8.3m centre is to be situated on a 3.16-acre site on the eastern edge of the city and is to provide workshops, laboratories and teaching space for more than 300 students as well as university-level courses and employer training facilities.

The college has secured a £4.1m funding package from Lloyds Bank's Whole Banking & Markets team. Part of the funding has been secured from the European Investment Bank's Knowledge Growth Fund, which will enable the college to complete the construction project using discounted funding over a longer term.

"Our relationship with Exeter College has developed considerably over the last 15 years, during which time we have provided a complete core banking product range," said Ben Deverell, relationship director at Lloyds Bank Wholesale Banking & Markets.

"The college has an important role in the UK's mid-market business arena, essentially acting as a skills provider to businesses that are so crucial for future economic development. This new centre will provide a world-class training infrastructure that will benefit businesses on a local level here in the South West and nationally."

Rebecca King, deputy principal at Exeter College said:

"This new purpose-built centre of excellence for our automotive, engineering and aerospace provision will meet considerable demand for advanced industry-standard training for young people, as well as employees and employers in the region who are keen to improve their skills and keep ahead of the global technological advances.

"Lloyds Bank has been instrumental in providing the financial support needed to complete the Technology Centre development project. Having worked with the local team for a number of years they completely understand our banking requirements, bringing together a combination of existing term debt and monies from the European Investment Bank."

The new building is set to open in September 2012.