The New Swindon Company, which is responsible for regenerating the heart of the town, is to be given a facelift with a new name and chief executive.

It is to be given more responsibility with new company in business by the beginning of April which will have the regeneration of the town centre and Old Town among its priorities.

It was announced by Gavin Jones, chief executive of Swindon Council at the annual conference of Swindon’s Strategic Partnership (SSEP) at the Marriott Hotel yesterday.

There would be a number of changes to the current company with a new chief executive, a new chairman of the board and committee – although this will have to be given the go ahead by the council next month. A new name has yet to be chosen.

Mr Jones said that it was time for Swindon to move on and while the New Swindon Company was set up through the recommendation of a Government model it was now not suited for Swindon.

“The new company will be responsible for the integrated plans for economic development, growth and regeneration,” he said.

And while that company will be pushing for a new town centre it must also look at the future development and improvement of Old Town.

There was great investment in Swindon in the 70s and 80s and now a plan was needed which would include regeneration plus economic and cultural development.

Mr Jones said that in years to come the amount of finance coming to Swindon Council from the Government was certain to be less and he was hoping that a new company would attract more private money.

The New Swindon Company gets finance from the South West Regional Development Agency and the Homes and Communities Agency. While it is hoped to get finance for the new company they will direct their requests to the Swindon Council who will be their link.

Council leader Roderick Bluh said Swindon still had the ability to surprise.

“I find it the most exciting place I’ve ever lived in, “he said. “ We must not pick up the negative side but keep positive. I feel certain we will come out of the recession on the right side.”

He was hopeful that after the recession if there was a possibility of setting up Government departments outside of London then Swindon would be one of the first choices because it was considerably less expensive.

“We certainly have got the product here and it is our job to sell it,” he said.