Local Regeneration Fund

In September 2025, the UK Government announced the Local Regeneration Fund which considered a consolidation of existing local growth capital funds (Levelling Up Fund, Towns Deals and the Path Finder Pilot). Newark and Sherwood participates in the Local Regeneration Fund Programme as a recipient of previous Levelling Up 3 Funds (Sherwood) and the Towns Deal (Newark).

Sherwood Funding

In October 2022, the UK Government announced that the local 'Shaping Sherwood's Revival Programme' had successfully secured £20m investment through the Levelling Up Round 3 initiative. This comprises 2 key strategic and transformational projects including the regeneration of Ollerton Town Centre and the Clipstone Regeneration Scheme.

More information about the Ollerton scheme can be found here.

More information about the Clipstone scheme can be found here.

Newark Funding

In September 2019, the government invited 100 towns, including Newark, to develop proposals for a Town Deal, as part of the £3.6 billion Towns Fund (now renamed the Local Regeneration Fund).

In January 2020 the Newark Towns Board was set up which comprises private and public businesses and bodies to represent Newark and govern this funding locally. This includes businesses, educators, the community and voluntary sectors and town, district and parish councils and together with the local community and local businesses. Through the Towns Deal, Newark was awarded £25m to invest in local transformational projects to support economic growth and prosperity across the town.

In order to draw down the £25m funding, in July 2020 the Newark Towns Fund Board submitted the Newark ‘Town Investment Plan’ which outlines thirty projects to span the next 30 years, including plans to regenerate the town centre, boost business and improve infrastructure. The government previously announced that this plan was accepted and projects are now completed or well-advanced in their project delivery. A copy of the Newark Town Investment Plan can be found here Newark Town Investment Plan (PDF File, 14,634kb)

The priority projects identified for Newark through the £25m are:

ASI (Newark)® - an Air and Space Institute which will create new jobs locally and train the next generation of skills-matched aviation professionals with military and civil partners including pilots, engineers and ground staff.
Expanding the YMCA Newark and Sherwood Community and Activity Village by constructing a new state of the art home to sports and leisure facilities, music and art spaces, conferencing, a wellbeing and health delivery service suite, culinary training, the largest outdoor skate park in the East Midlands and an Olympic climbing centre.
The Castle Gate House project to enhance the experience of Newark’s foremost historical asset and transform the Castle into a major attraction for residents and visitors alike.
The redevelopment of 32 Stodman Street (the former Marks and Spencer’s) to create high quality Town Centre residential living and new commercial and office space, creating activity and footfall.
Newark Cultural Heart – plans to drive and measure additional footfall and local spend through the repurposing of public buildings and spaces, an ongoing calendar of events and activities, and developing a brand and tone of voice for the Town.
Aspirations to work with a range of partners to transform Newark into a ’20-minute town’, giving people the ability to meet most of their everyday needs within a 20-minute walk, cycle or local public transport trip from their home.

Newark Town and Neighbourhood Board

Made up of private and public businesses and bodies, the Newark Town and Neighbourhood Board is the vehicle through which the vision and strategy for the town is defined.

The board is responsible for overseeing the £25m awarded to Newark and making key decisions relating to projects within the investment programme. More recently, in March 2025, the board also became responsible for the Plan for Neighbourhoods Programme locally providing up to a further £19.5m over the next 10 years (2026 - 2036).

The Board includes representatives from the local business and education sectors, relevant national government organisations and arm's length bodies, local representative organisations and community groups, local authorities and relevant parish councils, and the local MP.

The full membership list for the Newark Town and Neighbourhood Board can be found here: Newark Town and Neighbourhood Board Membership List - 2025 [15kb].