£48m RGF spending for North East

Around £48m of Regional Growth Fund money has been allocated to the North East across seven projects.

The money will safeguard or create 5,600 jobs over the ten years and aims to leverage an additional £110m of private sector investment over the same period.

Successful bidders in the region include Sunderland’s Molplex Limited, County Durham’s Thomas Swan & Co, and Stockton-on-Tees’ Tinsley Special Products Limited.

Tees Valley secured £26.9m investment to create nearly 300 jobs and leverage £146m of further private sector money.

Stephen Catchpole, Tees Valley Unlimited managing director, said: “Today’s news further enhances our ability, in collaboration with our stakeholders and partners, to achieve our goals of expanding and diversifying our industrial base and broadening the area’s business capabilities – all of which will help build the strong foundations needed for long-term economic sustainability and prosperity, job retention and creation.

“The combination of initiatives, including RGF support, the Tees Valley Enterprise Zone and TVU’s recently launched £10m Catalyst Fund, have the power to propel the economic growth and development of Tees Valley.”

Among projects in the North East was Bridon International Ltd’s receipt of £2.2m towards the £30m construction of their rope making facility at Neptune Quay - which will create 38 jobs.

Tees Valley-based Nifco also secured money for upgrading of machinery which will create 128 jobs and safeguard 158.

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