Four businesses secure £7.9m from Regional Growth Fund
Growth capital to create new jobs in firms’ local communities
The government has invested £7.9m in four businesses, with capital from the Regional Growth Fund.
The latest investment from the fund will be used to boost growth and employment in the four businesses local communities, creating an estimated 641 jobs.
The recipients include Chelmsford-based e2v Technologies Ltd, which received the largest cut of the finance; £6.25m. It will form part of e2v’s overall investment round of £29.4m, which will support its development of microwave processing systems for a range of industrial applications in resource and energy intensive industries.
The total investment is expected to create 336 new jobs in Essex and other locations in the firm’s supply chain. Similarly, Regional Growth Fund capital received by Halifax Rack and Screw Cutting Co. Ltd will safeguard seven jobs and create 12 new ones.
The Yorkshire-based business was allocated £200,000 funding as part of the Leeds City Region local enterprise partnership package. The capital will help fund a £1.5m project to modernise the firm’s production facilities, which manufacture precision products for the construction, engineering, offshore and energy sectors.
Investing in new technology
Another wave of jobs will be created and secured by the Regional Growth Fund’s £1.65m investment in Nifco UK. The Stockton on Tees-based firm will put the finance towards an £11m project to move into the market for electric vehicle batteries and equip a new factory – which is expected to create 128 new jobs and safeguard 158 more.
The final recipient is Bentley Motors, in Crewe, which will receive £1.69m to upskill existing employees and support a £4.5m recruitment drive, to increase production. All the businesses were selected after government checks to ensure the projects offer good value for taxpayers.
Backing regional business
Deputy prime minister Nick Clegg said that for too long investors have focused on London-based businesses, while regional talent was neglected, but said; “The Regional Growth Fund is already helping the economy grow in every region and across a range of industries…unlocking private sector investment, with at least £5 put in for every £1 of public money.”
Business Secretary Vince Cable added: “This support continues to provide a significant boost to the local economies, lever in significant investment and will create jobs where they are needed most.
“The projects will support advanced manufacturing techniques, enable R&D to develop new products and improve skills, all of which are vital to support growth and help rebalance the economy.”