Science Park says it adds £50m into economy

Exeter Science Park says it is generating £50m for the local economy and for the first time in its 10-year history, is balancing the books financially.

Previously, it had required additional funding to remain viable as it struggled to repay council loans.

The site is owned by Exeter City Council, The University of Exeter, East Devon District Council and Devon County Council and was established to support growth in STEMM businesses (science, technology, engineering, maths and medicines) and to create employment.

The "not for profit" organisation said it had 45 businesses and 750 workers based at the East Devon site, despite only 25% of the park having been completed.

Dr Sally Basker, CEO of the Science Park, said: "We have a robust balance sheet and we are now well placed for the next phrase of growth.

"The challenge for a tiny science park is attracting people and firms. You want to get to a point of critical mass, where it goes from being nice to be at the science park, to people want to be here, to then we need to be here.

"We are are the 'want' stage. It's about creating a destination. It's not just about offices and laboratories. It's the community.

"We have a new hotel, we'd love to see a gym here, so we are building a community, not just for the closed science park but one where we engage with the local area and parish."

Exeter Science Park predicted it would complete its construction by the end of the late 2030s and it believed by then, about 3,500 people would work on the site.

It said those firms and business would be generating £350m to the local and regional economy.

The park said the next phase is to simplify its planning and development arrangements, which will help it seek new sources of investment to help the park grow over coming years, and continue to enhance its contribution to the region's economy.

Follow BBC Devon on X, Facebook and Instagram. Send your story ideas to [email protected].