GLAXOSmithKline has offered 200 acres of its land on the flanks of Ulverston's canal to be included in the scope of a feasibility study to revamp the entire area.
The land includes the canal itself and surrounding farm land but not the factory, the GSK sports field or slag bank.
Ulverston's Market Town Initiative is gathering funds to draw up a £100,000 masterplan to regenerate the canal and create a more welcoming entrance to the town.
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