Derby City Councillors are being asked to lend a further £250,000 to help Great Northern Classics get the project to set up a hub of classic vehicle industry specialists in the heart of the city.
The loan would be on top of £1.25m approved in March last year, which set the bar rolling on the project based in the former Victoria Ironworks, which until recently housed the Rolls-Royce Heritage Centre.
The vast site – which covers four conjoined factory buildings – will house a fully-equipped training school, a car storage area, exhibition and entertainment space, along with a number of small multi use units. The sheer scale of the Victoria Ironworks will allow Great Northern Classics to operate as an efficient work site while serving as a destination attraction at the same time.
Similar to the concept of BBC TV’s Repair Shop, classic car owners will be able to access upholsterers, electricians, mechanics and bodywork specialists, all of whom will be given workshop space all under the same roof within the 85,000 sq. ft building.
In March 2022, a £1.25 million loan was approved from the Council’s Enterprise Growth Fund, which offers capital grants and loans to businesses within Derby and its Travel to Work Area (TTWA).
The centre, which will house a retail, workshop and office space, is expected to reach 85% capacity by the end of year two, offering a range of different sized units to suit both sole traders and larger organisations, based on demand and growth. It’s expected that the site will house around 32 companies in total.
The initiative will also provide an opportunity for young apprentices in the city to undertake on-site training and learn alongside specialists, ensuring that their skills are developed and passed down to future generations. The centre is expected to contribute to the creation of over 120 jobs by year six, not including any additional local supply chain benefits.
Abigail Whitt of Great Northern Classics, said: “We’re extremely excited that Derby City Council has helped contribute towards the revival of this historical site. Our aim here at Great Northern Classics is to create a hub for not only the vehicle enthusiast, but also the wider public.
“We have lots to offer at the newly restored ironworks building which was once a Rolls-Royce site. We will house a fully equipped training school, workshops for around 30 specialists, a car storage area, exhibition and entertainment space and café. We look forward to seeing you all later on in the year.”
The additional loan is required due to a change in previously assumed private funding sources and is reflective of the original loan amount budgeted for and requested by GNC. As a start-up business, traditional high street funding is not a suitable option.
Work began at the former Victoria Ironworks and Rolls-Royce heritage centre in September 2022. Progress carried out to date suggests that the project will be completed on budget.
