Update on £1bn Tyne cable factory proposal

THE British company behind a near £1bn plan to bring a massive cable factory to the banks of the Tyne has come out of a joint venture set up to drive the vision forward.

- TOM KEIGHLEY

Global Interconnection Group (GIG) joined forces with South Korean firm LS Cables & Systems last year and announced £923m plans to develop a high voltage direct current (HVDC) cable facility at the Port of Tyne.

The proposals have subsequently gone on show to the public, promising 500 jobs and many more to be created in the supply chain.

In an update to investors, the Guernsey-registered group said LS Cables would now take on full responsibility for building and operating the factory. Companies House filings show GIG has also relinquished its minority stake in the LS Eco Advanced Cables joint venture.