A FUNDING conundrum for the Isle of Wight Council has caused a slight hold-up in its plans to buy a marine site but the MP is encouraging the council to move ahead with the purchase.

The former Venture Quays site in East Cowes has been something the Isle of Wight Council was looking to buy for over a year now but due to financial issues now challenging the council, because of the coronavirus pandemic, the decision to actually buy the site from Homes England has yet to be made.

Negotiations with Homes England have been ongoing since July 2019, and are nearly finalised which could see the council hand over more than £1 million for the site — which would then secure marine manufacturing jobs and allow the council to build houses around the waterfront area.

However, the coronavirus pandemic has left an estimated £10 million hole in the council's finances so taking the risk, buying the site and sticking to all the conditions - like building houses by March 2024 - is something that will be discussed at the next cabinet meeting (July 9).

Read more: Has Isle of Wight Council got enough money to buy Venture Quays?

In the meantime though, Isle of Wight MP, Bob Seely has said his 'very strong advice' is that the council move ahead with the purchase, advising councillors to override council officers advice.

He said: "I fully understand the role of the council officers, their legal responsibilities and the need to be clear about the financial situation. The Council officers have responded exceptionally well to the ongoing Covid situation and I am very grateful to them for their work.

“On this occasion I believe the councillors should override the advice of officers and purchase Venture Quays, striking a decent deal with the shipbuilding firm there that helps to protect jobs whilst giving a decent return to the council.

“I have another meeting with a minister on this issue next week.

“The saga of East Cowes and ensuring its future has taken a decade and a half. It has been a remarkably painful process which has not shown central Government decision-making at its best.

“When I became the MP I was determined to press ahead and make sure we concluded a deal on this site that supported jobs and wealth creation on the Island. Working with the council, we are on the verge of getting a much better deal than was on offer only a year ago. We need to finalise this deal and move on to other pressing issues.”

Cabinet will discuss how to proceed at its next meeting, with the preferred option to leave cabinet member for regeneration and business development Cllr Wayne Whittle and council leader, Cllr Dave Stewart, to make the final decision.