A £20m plan by a wealthy entrepreneur to fund new technology start-up companies is being held up because planners have refused him permission to construct a new centre for the businesses.

Edward Atkin wants to use some of his fortune to start his own private technology centre near Cambridge to help the development of small businesses in areas such as 'Green' energy.

However, South Cambridgeshire district council has rejected his plan to construct a £1m marketing and engineering centre for about eight small businesses because the site is in a rural area. Mr Atkin would take an equity stake in each business.

Financial Times