A MULTIMILLION-pound centre to help new Colchester companies find their feet should clear another hurdle on Wednesday.

Colchester Council hopes to raise more than £400,000 towards the cost of the £2.4million business incubation centre by selling land next to it.

Provided no councillors lodge last-minute objections before 5pm, council leader Anne Turrell will approve the transfer of the land, part of plot 350 at Colchester Business Park.

A deal with one potential buyer looked set to go through, but officials are asking Mrs Turrell to formally agree to the move a second time, as a rival bidder, Scott Investments, has since made a better offer.

If the plan goes ahead Scott Investments will get the land on a 150-year lease. In return, the council will get £499,000, less legal costs, towards the business centre.

About £2million in funding has already been found, including a £1million grant from the East of England Development Agency.

Preliminary work started on the site in January.

The incubation centre is part of a plan to find more places in the town where fledgling companies can set up, in the hope they will grow into the large-scale employers of the future. It will offer business units on a monthly basis, plus support from on-site business advisers, and space where companies can hold meetings with staff and clients.

A report by council regeneration officer Patrick O’Sullivan points out the borough might get a better price for the land by waiting for the property market to recover, but warns the development agency grant must be spent in the current financial year.