Preston City Centre Management Company (PCCMC) is to be relaunched in March with a new board of directors.

Acting manager, Craig Matthews, revealed his plans to revitalise the troubled company and re-establish a stalled attempt to set up a Business Improvement District (BID).

Mr Matthews, who also manages Business Accord at Central and West Lancashire Chamber of Commerce, said 12 key city companies had expressed an interest in playing an active role in the company. He has also held talks with the Chamber of Commerce about sharing staff between the two organisations.

It comes after months of uncertainty about the company's future. In August 2005 Julia Horn, general manager of Preston and District Chamber of Trade, warned the company could be facing collapse.

In March 2005 the company's previous manager, Graham Penticost, resigned so his salary could help relieve the company's £40,000-plus deficit.

Mr Matthews said PCCMC's finances were now "sound" but more private sector involvement on the board was required. The company's board currently has four members: two council employees, solicitor John O'Donnell, and Paul Heal, of the University of Central Lancashire.

Under a BID, companies would pay an extra one per cent on business rates in exchange for improvements to an area and enhanced economic performance -- it could raise £350,000, but 50 per cent of companies have to agree it.

Mr Matthews said he hoped a ballot could be held later this year, and if successful the BID would help fund the PCCMC in future years.

Mrs Horn said: "We would be very pleased if the city centre management company could have a higher profile and gain the confidence of the business sector in Preston so the BID process can be successful."

Steven Jones, director of regeneration at the council, added: "From the council's perspective it sees the BID as the raison de etre for the city centre management company."