HUNDREDS of thousands of pounds sitting in a regeneration fund could be reinvested in Conwy.

It is understood that Colwyn Business Improvement District (BID) had received about £300,000 in levies on business owners before its directors resigned last year. It followed a consultation with levy rate payers in Mochdre, Rhos-on-Sea, Colwyn Bay and Old Colwyn.

Conwy County Borough Council, which was itself a levy payer, had stepped in to coordinate the winding up of the company in the hope that it will be able to oversee the fund instead of it being sent to the Crown.

A council spokesperson said: “We’re pleased to confirm that progress has been made and we expect that there will now be an orderly winding up of the BID, which means a company strike off will be avoided.

“It is hoped that the BID monies will be applied to any community projects that were properly approved by the Board.

“If there’s any surplus it will be distributed in accordance with the BID Regulations.”

Colwyn BID was approved by 68 per cent of businesses in 2015 with a levy rate set at 1.8 per cent of rateable value, and a £25,000 grant was provided by the Welsh Government.

Projects on its list include ‘Mochdre signage’, ‘chewing gum removal’ and ‘Rhos-on-sea shop front planters and benches’.