Enterprise UK to shut up shop after loss of funding

The body created by business leaders to promote entrepreneurial activity across the country is to close due to lack of funds.

Tom Bewick
Tom Bewick

Enterprise UK has announced that it is to begin winding down procedures with immediate effect, following the coalition Government’s decision last year to end its funding from April as part of the spending cuts.

A statement from Tom Bewick, Enterprise UK’s chief executive, said: "Since the announcement in December 2010, I have been working closely with staff, trustees and key stakeholders looking in detail at the implications of these cuts and the options for the charity to continue in some way post-April, albeit in a different guise.

"The proposals we considered included the establishment of a legacy organisation to take forward initiatives like Global Entrepreneurship Week and our various other enterprise education programmes.

"Following a board meeting on 24 January, we have decided to instigate an orderly wind-down of the charity with immediate effect. We aim to have closed down our offices and activities by the end of April 2011."

Bewick added that Enterprise UK has reserves of approximately £250,000. He said that, over the next few weeks, similar charitable organisations will be invited to register their interest in continuing some of the body’s enterprise promotion work.

Enterprise UK was founded as a campaigning organisation in 2004 by the British Chamber of Commerce, the Confederation of British Industry, the Institute of Directors and the Federation of Small Businesses.

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