The chief executive of InvestSK Steve Bowyer has suddenly left the 100-per-cent SKDC-owned company.

A statement from South Kesteven District Council issued just now said: "InvestSK is preparing for the recovery of the South Kesteven economy by streamlining its management team and reaffirming its focus on business support.

"Recently the InvestSK Board of Directors met to discuss how it would provide businesses with the support that they require to recover from four months of lockdown.

"The board heard how - in administering nearly £30m of grant funding for local businesses - the SKDC-created company had established a much closer working relationship with the Council; creating efficiencies and expediting much-needed business support.

"The board set out its vision to build on this relationship by reinforcing the role undertaken by Paul Thomas (the Council's Strategic Director for Growth) as the Managing Director of InvestSK.

"The subsequent management restructure would see a streamlined leadership team, with a reduction in senior roles including the departure of Chief Executive, Steve Bowyer, and a decision not to fill the vacant post of Head of Regeneration and Visitor Economy.

"Steve Bowyer originally led the Opportunity Peterborough team that provided economic development and business support to SKDC under the InvestSK brand.

"Steve became CEO when InvestSK was formally established as a company wholly-owned by South Kesteven District Council."

The statement continued: "In his nearly two years in charge, Steve oversaw the InvestSK team and developed the business engagement element to include: two Business Summits, South Kesteven's first Skills Summit, a programme of business breakfasts and seminars and a number of key projects.

"Outgoing Chief Executive Steve Bowyer said: "I have really enjoyed leading InvestSK over the past two years and am immensely proud of what has been achieved.

"I know that the last few months have been particularly challenging for the national and local economies and now is the right time to refocus, and renew, our efforts to ensure that the local support for businesses of South Kesteven is available.

"The team's response to the challenges of Covid-19 has been absolutely fantastic and it is clear to me that the close working relationship that we have developed with the Council needs to continue.

"The restructure and realignment of the InvestSK management team will achieve some important savings for the Council, as the sole owner of InvestSK, but more importantly it will create a more streamlined structure that can report, and respond, to the needs of South Kesteven's businesses and the future challenges that the Council face."

The Chairman and Vice-Chairman of InvestSK, Councillor Kelham Cooke and Councillor Barry Dobson, said: "Steve has brought so much to the role and we are grateful for all his help and support over the last few years.

"Streamlining the management structure of the team hasn't been an easy decision for the board, but we are confident that with our renewed focus on business support and working with partners to continue to attract investment, bring forward much needed growth and safeguard jobs, the economy in South Kesteven will continue to thrive.

"It is clear that InvestSK is at its strongest when it is working hand-in-glove with the Council and we are confident that our new management structure will help businesses to get the support and advice that they need through InvestSK, through the Council and through the multitude of agencies that we work with. Steve has been a dedicated and hardworking individual who we wish well for the future."