Ironbridge Gorge trust secures 10-year loan extension

In 2009 the council agreed to lend the cash to the Ironbridge Gorge Museum Trust for 12 months. A year later that was extended by two years, taking the agreement to January 15, 2013.

At last night's cabinet meeting, councillors voted to extend the loan by a further 10 years to January 2023.

There is still £456,000 left on the loan.

Interest will be charged at a rate equal to that which would be charged if the council borrowed from the Public Works Loan Board, making the loan cost neutral to the council.

Councillor Bill McClements, cabinet member for resources, said the museum contributes to the economy.

But Councillor Andrew Eade said regular reviews should take place to keep track of the loan.

Councillor McClements said: "We all realise the contribution to the economy by the Ironbridge Museum."

Councillor Shaun Davies added: "It is a jewel in the crown and it does need supporting.

"But we do need to make sure that interest is charged onto this loan. Interest is right in these times."

Councillor Arnold England said the council had received support from the museum.

Councillor Liz Claire said: "It means the trust won't have to worry about the money next year or the year after."

Councillor Eade suggested an annual review.

He said: "It's a huge loan and a heck of an extension. I'm aware what they do for the borough – but we must remember this is a loan."

The loan is secured by a guarantee from The Ironbridge (Telford) Heritage Foundation Ltd.

The Ironbridge Gorge Museum Trust Ltd was founded in 1967 and is a registered charity.

Ironbridge is one of the world's largest independent museums, operating 10 museums under one umbrella.