AN organisation set up to breathe new life into a Scottish town is to be wound up.

Regeneration agency Clydebank Re-built was set up in 2002 by West Dunbartonshire Council and Scottish Enterprise to spearhead economic, social and physical regeneration following the closure of the John Brown's shipyard site.

Over a decade, it received £54 million in funding from organisations, including the Scottish Government, Scottish Enterprise, the council and the EU. But that dried up a year ago and it has since been using its own cash ­reserves to fund projects.

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As a result, councillors have agreed to buy out Clydebank Re-built at a cost of £800,000. A report to councillors says: "The board has been looking for a successor model of ownership of the assets which will allow the company to wind up with all of its legal and financial obligations covered."