Oil depot fire 'cost firms £70m'

The Buncefield explosion and fire happened in December

The Buncefield oil depot explosion cost firms more than £70m, according to an economic study.

A series of blasts last December, which destroyed the depot in Hemel Hempstead, Herts, led to the evacuation of homes and major damage to nearby buildings.

The East of England Development Agency (EEDA) study found 25 businesses were seriously affected by the blast and, of these, 16 have had to relocate.

About 1,422 jobs were relocated and 79 people lost their jobs.

'Long-term future'

The companies worst hit were on the Maylands Estate.

David Marlow, chief executive of EEDA, said: "The immediate impact on businesses at Buncefield has been considerable, but we are working hard with partners to redress this.

"There is still a long way to go, but the business community at Maylands can now look forward to the future with a positive attitude.

"EEDA will continue to work with our partners in the area, including Dacorum Borough Council, English Partnerships, and private sector organisations to look at ways of improving the area in a long-term and sustainable fashion."