COUNCILLORS have "reluctantly agreed" to halt a £10 million project to open a new arts and cultural centre in Ebbw Vale.

The new centre was planned for the Works site and aims to boost tourism and increase interest in the arts.

But the multi-million project was suspended by Blaenau Gwent council's executive committee on Wednesday because of lack of funding.

In July 2014 the Arts Council of Wales pledged around £3 to £4 million for the new centre and were prepared to move on to the next stage if the council could give details on staffing, income and expenditure.

But after months of trying to find a way to fund the project, a report which went before the executive committee revealed the council were unable to find the money.

A council spokesman yesterday said: "The project requires a significant investment of £10 million and it is difficult for all the partner organisations, including the arts council to secure this level of funding in today’s uncertain economic environment."

They added: "The council remains committed to supporting the existing arts venues in Blaenau Gwent."

The funding needed from Blaenau Gwent council would be around £2 to £3 million, which they hope would then be match-funded. It would then take £150,000 to run each year.

In the report, council officer David Watkins warned even if the council could fund their part they would still need to find £7 million in match funding.

But the report also said suspending the project meant risking losing any support in the future. Without the project there are fears Blaenau Gwent will be “left behind” in the arts.

Arts venues in Blaenau Gwent currently include the Beaufort theatre, the Met cultural and conference centre in Abertillery and the Market Hall cinema in Brynmawr.

Although the project is suspended, councillors did agree to protect the site for leisure related development in the next three to five years.