AN Aberystwyth councillor has said he is “absolutely gutted” that the town lost over £500,000 of Welsh Government loan funding, insisting that any scheme that could help improve the condition of some town centre buildings is welcome.

The Cambrian News revealed that Ceredigion County Council had returned over £500,000 of funding from the Welsh Government’s Town Centre Loan Fund after failing to allocate the money to a project in time.

The money had initially been earmarked to help protect Aberystwyth’s Royal Pier, but with the deadline looming, council Cabinet members agreed to offer it to Morgans Properties to help the Deva renovation scheme, only for the development to convert the dilapidated building into townhouses to turn out not to be eligible.

Cllr Mark Strong said he was disappointed to see the loss of a significant amount of money to the town centre which could have helped fund projects to renovate and redevelop prominent buildings in the town.

He said: “I am absolutely gutted that this money has been lost this year. It is truly frustrating that technical procedures mean that the money has been returned whence it came.

“While it is not appropriate for me to comment on individual matters; it is to be hoped that buildings are not left to deteriorate over long periods of time. There are a number of these in Aberystwyth. Leaving them like this harms Aberystwyth and affects its economy.

“I am aware that a further tranche of grant money will be available in 2017/18 and I look forward to this being used for the benefit of our town and its economy.”