Regeneration company owned and run by North Lanarkshire Council records profit

A regeneration company owned and operated by North Lanarkshire Council has reported a profit after facing a loss in the previous year. Recent annual accounts reveal that Fusion Assets achieved a profit of £700,000 in 2024, in contrast to a slight loss in 2023. The company’s success can be attributed to a profit share from the sale of land in Newhouse and reduced development fees. Notable achievements by Fusion Assets include the sale of Phase 1 of Gartcosh Industrial Park, consisting of three industrial units, with Phase 2 currently underway.

Additionally, Fusion Assets leased a building at Link Park, Newhouse to Yunex Traffic, resulting in the creation of 72 jobs. The council’s planning committee also approved plans for a significant industrial development in Ravenscraig. Future plans for Fusion Assets involve further construction in Ravenscraig, leasing another unit at Link Park, establishing a new joint venture at Condor Park, Eurocentral, securing funding for a new industrial project, and ongoing development at Gartcosh Industrial Park.

The company’s positive financial performance and strategic initiatives reflect its commitment to driving economic growth and creating employment opportunities in the region, aligning with North Lanarkshire Council’s objectives for sustainable development and community prosperity. With a focus on continued expansion and collaboration, Fusion Assets aims to contribute to the economic well-being of North Lanarkshire and support local businesses in their growth endeavors.

In summary, Fusion Assets, a key player in North Lanarkshire’s regeneration efforts, has successfully turned a profit in 2024 following a challenging period, showcasing its resilience and strategic approach to fostering economic development within the region. The company’s achievements in property sales, job creation, and strategic planning underscore its importance in driving forward North Lanarkshire’s growth agenda.