In 2006, Peterborough Regional College began talks with Anglia Ruskin University on developing a new university campus for the city. The college and the university then completed the legal contracts for the creation of a new joint venture company at a special signing ceremony at the college. The formation marked the culmination of legal negotiations and securing of funds required to build the new higher education centre. The joint venture company, limited by guarantee, is managed by an equal number of directors from both partner institutions who are responsible for the academic and operational running of the new centre. The new University Centre Peterborough opened in 2009 and now houses most of the higher education provision previously offered by the college.