City Fringe Partnership to close after LDA fails to match funding

12 May 2009

Business

London's City Fringe Partnership (CFP) is set to close at the end of July, after it failed to secure adequate funding from the London Development Agency (LDA) to guarantee its continued operation.

Since its creation in 1996, the CFP has invested around £25m in London's economy, including £1m in print and publishing, with the stated aim of promoting economic success for the communities and SMEs around the 'Square Mile'.

However, the CFP now looks set for the scrap heap despite securing the Mayor of London's approval for £4m of European Union investment into businesses, after the LDA informed it that it could not commit to match funding this investment.

Councillor Guy Nicholson, chair of the CFP board, said that the decision by the LDA coupled with a delay in establishing a replacement model for its funding had meant that the CFP had to close now "to ensure an orderly closure and meaningful legacy".

He added: "All efforts have been made over the past 18 months to negotiate a new contract from the LDA with the borough partners.

"Over the next couple of months, staff will continue to work with the organisation's partners to investigate ways to take forward some of its major projects."

It is not yet known what will become of schemes such as the CFP's Funds for Print programme, which helps to match London print buyers with local printers from the London Boroughs of Hackney, Camden, Islington and Tower Hamlets.