CENTENARY Mill was launched in 1891 by cotton king John Horrocks who once employed 25,000 people in the cotton industry - it was so named to celebrate a century of success.
More than 100 years later HRH The Prince of Wales visited the almost derelict building in New Hall Lane, Preston, to see how a bit of investment and community support could restore the old spinning factory to its former glory.
The Prince has chosen the huge three-storey structure as one of only three pilot schemes in the country for his Regeneration Through Heritage programme.
Council leader Peter Rankin said: "What's so exciting is that until the shut down of Courtaulds, Preston was the centre of the textile industry in Lancashire.
"Over the past decade, jeans production has really taken off and this project will play an important role not just for the regeneration of Deepdale or the manufacturing industry, but for the whole of the town."
Neil Rutherford director of strategic services for the council explained the proposals to His Royal Highness. He said: "I told him about the presence of the recent textile developments and how it fitted in with the industry and the building.
"The Prince commented about the huge amount of space available and how nice it looked compared to modern buildings."
Prince Charles also met the owner of the mill Ayub Bux who bought the neglected factory in 1988 for £600,000.
Plans to restore the mill have been a pipe dream for the past 18 months, but now if the Royal visit can generate enough public and private sector investment, more than £11 million will be spent to create a leading manufacturing centre in the North West.
It is hoped the mill will house a fashion and design centre led by Preston College which has shown interest in a permanent venture.
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