An economic regeneration initiative in north Aberdeenshire has invested more than £10m in the area and has secured continued investment worth much more.

Building Buchan New Beginnings (BBNB) arose from joint work involving Aberdeenshire Council, Communities Scotland and Scottish Enterprise Grampian.

The third and final review of the initiative has been published, detailing the achievements attained during the three-year lifespan of the project.

The document also includes new photographs of the three step-change initiatives on the Banffshire Coast, at Kinnaird Head in Fraserburgh and in Peterhead.

The project was launched in October 2003 with a commitment by the partners to invest £7.5 m on a range of targeted investments with funding from the European Regional Development Fund (ERDF).

The review reveals that the final total invested was more than £10 million and will lead to continued investment in the area of around £20 million, with more still from the private sector.

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Scottish Enterprise's Director of industries and infrastructure, David Littlejohn, the original project director for Building Buchan, said: "The intervention of Building Buchan was critical, instilling confidence in the local business base and seeking to create a diverse, sustainable economy in the long term.

"The relationships created and commitments made will provide the cornerstones of growth for many years to come."

Chairman of Aberdeenshire Council’s Infrastructure Services Committee, Peter Argyle, said "We were pleased to play such an active part in this multi-million pound investment and we remain committed to ensuring economic growth and prosperity in Buchan and elsewhere in Aberdeenshire.

"The tangible results of the project are evident in the jobs created and saved; the success of individual companies in developing new products and services; and the level of investment in housing and employment land."

The review shows that 520 businesses received direct assistance almost 1,500 times and 56 companies were helped to enter new markets.

More than 200 employees from 28 firms were helped to develop new skills and the project helped ensure broadband take-up in Aberdeenshire was 50.9% compared to a Scottish national average of 33.3% and a UK average of 31.2%.

The review also notes an independent report which concludes the project could be characterised as an example of good practise, delivering significant economic benefits, high value for money and a strong return on investment.

(GK/JM)