Camden Council has announced its plans to support jewellery businesses in Hatton Garden through the development of new ‘affordable’ work spaces.
In a bid to help up-and-coming or growing businesses who want to work in the area, Camden Council has agreed to provide funding to business space operator Centa Business Services to refurbish the basement of 120 Holborn into eight jewellery workshops
The council said it hopes this will address the critical shortage of local workshop space and concerns about rising rent putting an extra strain on the industry in the area.
In addition, Camden council also supports moves to develop the area as a Business Improvement District (BID).
Councillor Phil Jones, cabinet member for Regeneration, Transport & Planning, commented: “We want to help and support small businesses and individuals to set up and expand so we can retain this all-important jewellery industry.
“We know that high rents are pushing businesses away so this is an excellent use of developers’ contributions. I have no doubt that this space will prove to be an attractive proposition to people who want to set up a related business.”
Centa currently operates 43 jewellery workshops at Arundel House and Carolyn House in Kirby Street which have been set up using financial contributions from developers to mitigate the loss of commercial floor space – known as Section 106 agreements.
Matt Garner, chief executive of Centa, said: “The long established jewellery businesses in Hatton Garden make a unique and valuable contribution to Camden’s economy and culture. We are fully supportive of Camden’s initiative to retain and support this vibrant quarter and we are committed to help keep manufacturing alive with the development of this further dedicated workshop space.”
Gary Williams, chair of the Hatton Garden partnership added: “Ensuring we have the right mix of workshops, retail space and offices is vital for the future vitality of Hatton Garden. We welcome this new workshop provision which will help London’s historic jewellery quarter to thrive alongside the other vibrant businesses that are making Hatton Garden their home.”