PLANS to merge two leading regeneration and investment organisations in the Tees Valley are being considered by the area's five local authorities.

The plan involves the merger of the inward investment arm of the Tees Valley Development Company (TVDC) with urban regeneration company Tees Valley Regeneration (TVR)

Under the proposals, the newly-merged body would operate under the TVR banner, with Peter Middleton, chairman of the urban regeneration company, as its chairman.

Joe Docherty, chief executive of TVR would lead the organisation.

He said: "This is genuinely a case where unity is strength and I certainly hope the proposals will gain the overwhelming support of the local authorities and the many other organisations and agencies with an interest in the regeneration of the Tees Valley."

Since it was established in 1996, the TVDC has helped to create and protect about 10,000 jobs and attract £200m of investment to the area.

Its chief executive, Neil Etherington, said he believed there was a widespread recognition that bringing its work together with that of the regeneration company would mean "more efficient and effective use of resources, as well as providing a clearer message and an even better service to potential investors".

He said: "As chief executive of TVDC, I have been proud of the achievements of the dedicated team which over the past seven years has attracted so many companies to invest in the Tees Valley.

"I am confident that the same spirit and enthusiasm can be taken into the new organisation we are seeking to create.

"Now we have the chance to develop an even better service, and to use the strength of the new organisation to promote even more effectively the benefits and attractions of investing in this area."

Discussions are also taking place on the future role of the Tees Valley Joint Strategy Unit.

In the short-term, the tourism activities of the TVDC would be transferred to the joint strategy unit, with the possibility that a new organisation will be created specifically for the development of culture, the arts and tourism.

Barry Keel, chief executive of Darlington Borough Council, who has led the review of the roles of the TVDC and the joint strategy unit, said the proposals were "a recognition that we are moving forward in the Tees Valley and now is the time to build on the work of the TVDC and the Joint Strategy Unit".

He said: "We believe there is now a very strong case for taking the next step forward by creating a single body able to provide a seamless service for marketing the area and attracting inward investment."

Alistair Arkley, chairman of the Tees Valley Partnership, said: "This has got to be a good move for the Tees Valley. It cuts back on administrative costs, without losing any of the good people we have working in the area.

"It creates a more logical structure, and one less level of bureaucracy."