The British government is set to allocate £1.3 billion in funding to assist Universal, a prominent Hollywood studio, in establishing its inaugural theme park in Europe.
Comcast, the American media conglomerate that owns NBC Universal and Sky, considered various European locations for this venture. Ultimately, an agreement was reached to construct the theme park on the site of the former Kempston Hardwick brickworks, located near Bedford, thanks in large part to substantial government financial backing.
The initial funding proposal, unveiled last June, included nearly £500 million dedicated to enhancing transportation infrastructure, which encompasses the development of a new station at Wixams. Negotiations regarding the extent of the overall government support continued to evolve.
On Wednesday, the government disclosed a comprehensive support package totaling £1.3 billion, which features £400 million from the regional growth fund and a £438 million grant from the Department for Culture, Media and Sport. This funding aims to “invest in new community infrastructure to maximize the benefits of the development and stimulate growth in the region.”
Additionally, the Department for Transport is projected to invest approximately £474 million in various strategic road and rail projects in the area.
During a visit to the planned site by Chancellor Rachel Reeves, Comcast announced it would invest over £5 billion in the entertainment complex throughout the five-year construction phase.
Reeves stated, “This landmark investment in the Oxford-to-Cambridge growth corridor will unlock nearly £50 billion in economic growth and generate tens of thousands of jobs across Bedfordshire in sectors such as construction, hospitality, creative industries, and technology.”
The government estimates that the theme park will create around 20,000 construction jobs, with an additional 8,000 positions available once the park is operational.
Scheduled to launch in 2031, the theme park, named Universal United Kingdom Resort, is anticipated to draw approximately 8.5 million visitors during its inaugural year.
Furthermore, Comcast plans to invest an extra £1 billion in capital for the resort within the first ten years of operation.
Brian Roberts, chairman of Comcast, remarked, “This historic partnership marks a significant milestone for our company as we introduce our first Universal theme park and resort in Europe. With a long-standing presence in the UK through Sky and NBC Universal, we are excited about creating an extraordinary destination that will support the UK’s creative industries and bring joy to millions for generations.”
