A NEW centre for innovation, which could boost Glasgow’s economy by almost £54 million, has opened in the Merchant City.

The Tontine is the first project funded and completed thanks to the £1.13 billion City Deal which will deliver 20 major schemes across Glasgow and the surrounding area.

The building, which was once the workshop of legendary Scottish inventor James Watt, will support some of the innovative industries bringing future economic growth.

It will become home to companies with between five and 10 employees working in technology, advanced design and manufacturing and the creative economy sector.

Over the next five years, it is thought 134 businesses will be supported at The Tontine with each expected to increase staff numbers by at least four per cent resulting in 536 new jobs.

The centre provides high-quality workspaces for companies with a focus on firms which link to the city’s universities to maximise contact between growing businesses in the city, multi-national organisations and research programmes.
The Tontine was opened by Glasgow City Council leader Frank McAveety and Renfrewshire Council leader Mark Macmillan.

Mr McAveety said: “The opening of the Tontine is a landmark for our economy.

Glasgow Times:

“What has been created is a business environment that will bring the type of jobs to deliver a long-term and ongoing economic boost to the Glasgow city region.

“This City Deal supported project will provide a perfect space for entrepreneurs working in high-tech industries to grow their business.
“We will see some of the brightest and most innovative young companies in Scotland based in The Tontine.”

Mr Macmillan said the new venture, which received almost £1.7million of City Deal funding, is a great example of innovation supporting enterprise.

He added: “This great building with its tremendous architectural legacy has been creatively restored as an inspiring business environment.

“The project illustrates City Deal’s ambitious aims for our economy by combining a commitment to excellence with entrepreneurial drive and an absolute determination to generate jobs. The Tontine sets high expectations for the city region’s enterprising future.”