News: Magna to get new council loan

Cabinet Members at Rotherham Council have approved a £150,000 short term loan to the Magna Science Adventure Park at Templeborough to assist the innovative facility during the current difficult economic climate.

The 12-month loan, which will be subject to a commercial rate of interest, will help Magna's immediate cash flow situation.

Magna is the UK's first science adventure centre and is set in the former Templeborough steelworks and needs the Council's support because the operators of the venue, the Magna Trust is not allowed to go overdrawn under the terms their constitution.

A previous loan granted last September will be repaid at the end of this month. The new loan, together with interest, will be repaid within one year.

Cllr Ken Wyatt, the authority's Cabinet Member for Resources and Commissioning, said it was vital that the Council should support this important local project.

He added: "Magna is a fantastic facility that is worthy of our support. It offers a unique interactive day out for families as well as prime conference facilities that attract visitors from right across the region. Part of this authority's remit is to help and support the local economy, and this loan will do just that, without it affecting our own business and services."

Matthew Beck, Managing Director of the Magna Trust, said: "Magna is grateful for the Council's short term loan to assist with cash flow. This enables Magna to move the business forward into its 10th Anniversary with already several events and innovative changes planned."

Magna website

Images: visitmagna.co.uk