MORE funds have been approved by Basingstoke and Deane Borough Council to help rehome one of the town’s biggest employers.

As previously reported in the Gazette the borough council was looking to invest a further £1.2 million in moving Eli Lilly to a new 45,000 sq ft office in Basing View.

Of the funding, £500,000 would come from the borough council with a £700,000 loan from the Local Enterprise Partnership.

Councillors approved the additional funds at a full council meeting on Thursday last week.

Cabinet member for property and development at the borough council, Councillor John Izett said: “This investment will ensure that more than 400 high value jobs at Eli Lily will remain in the town, and it is important that a significant contribution is made to show our commitment as a borough.”

The additional funding was welcomed by the leader of the Basingstoke Liberal Democrats, Cllr Gavin James, but he did raise concerns that this was the second time further funding had to be approved.

Cllr James said: “It is good that we are for a change turning revenue into capital. But it is frustrating that we are hearing about this now and we couldn’t get things right first time around.”