SWINDON Council is set to strike a multi-million-pound deal with a local manufacturer to ensure it stays wholly in the town as its operations expand.

Torin Sifan, a producer of direct drive fans, based at Greenbridge, has been in Swindon for about 50 years and is looking to expand to a new factory, but faced challenges in continuing its operations in the town.

Following negotiations between the firm and the council, which owns the land on which the existing factory is based, Cabinet has agreed to accept the surrender of its 100-year lease, subject to agreement of a contractual arrangement, whereby the parties would work together to market and sell the land for development.

The uplift in the value of the site, due to enhanced planning consent, would then be split equally with the company to retain its entire facility in Swindon, safeguarding about 200 jobs and creating another 50 as the company expands its operations.

Councillor Garry Perkins, cabinet member for economy, regeneration and culture, said the deal was a “win-win” as Torin Sifan would be expected to use the money to build a new, modern factory in Swindon, and Swindon Council would have much-needed capital funds.

He said: “We would get a capital receipt out of it and we would share the capital receipt with the company to build a modern production facility in Swindon, which would increase their production and increase their employment.

“They want to move, we could do with the land back, it makes the most sense all around. It’s good news, it’s a company that’s doing well. They have been in Swindon a long time.

“They will continue working in Swindon. They will start growing the company and start increasing the amount of employment in Swindon which is good news, considering the downturn we’ve had recently with Honda etc.”

Coun Perkins said the land would be marketed as employment land, but the council would see what comes forward, and the planning committee would be involved if an interested party applied for a change of use.

Phil Young, director of investment at Forward Swindon, the council’s inward investment firm, said: “Essentially this is a company that is doing very well. It has a very bright future and wants to expand and basically they want to stay in the town to do that.

“They’re very positive about Swindon and our role is to facilitate that and ensure they have got the right sites available to them to do so. And we would with any business we go to see and talk to.

“There’s a range of sites the business can choose from and it’s down to the company to choose the right site.”