A HISTORIC agreement between an East Lancashire council, a bank and a construction giant was signed yesterday.

Blackburn with Darwen Council signed a 12-month accord with Bovis and the Royal Bank of Scotland, which sets the ball rolling for a long-term partnership.

At a town hall meeting yesterday executive director for regeneration Graham Burgess said: "This is an addition to our portfolio of partners who are making Blackburn with Darwen one of the boroughs at the cutting edge of regeneration and local government excellence."

Over the next 12 months the council said the partners will draw up a masterplan to transform the town into a "modern retailing centre to compete with other regional centres".

The partnership will also help plan the management of large-scale regeneration projects in other areas of the borough, such as Infirmary, and development land around Shadsworth, Barbara Castle Way and Freckleton Street Bridge.

Bovis executive Ron Dawson confirmed that Blackburn's markets were likely to kick start the partnership.

He said: "The markets will form part of the early process and we will be looking at how to make then bigger and better for everyone."

Mr Dawson said traders would be consulted about any plans.

The agreement will see Blackburn with Darwen, Bovis and the Royal Bank of Scotland put money into projects, from which the council could take a share of profits to re-invest in the town.

Coun Andy Kay, executive member for regeneration, said: "The council cannot achieve what it wants to do on its own.

"We neither have the finance, the expertise or the resources to do what we have to.

"We know their track record and we are extremely glad they decided to come this far with us."

Conservative group leader Coun Colin Rigby said: "I think the council is now going to get some professional expertise and will push projects forward more quickly."