Member Article

Clegg launches £200 million regional growth fund to support NW businesses

North West businesses can bid for a share of £200 million, as confirmed by the Deputy Prime Minister in launching round six of the Regional Growth Fund (RGF).

The Government is already investing £460 million from the first five rounds of the Regional Growth Fund in the North West, which is supporting 84 projects and programmes across the region, to create and safeguard thousands of jobs and stimulate £2.5 billion of private sector investment.

Deputy Prime Minister Nick Clegg said:“The Regional Growth Fund is a helping hand from Government to create thousands of jobs that last, boost the private sector and rebalance the economy.

“I’ve seen first hand at electrical cable manufacturer Tratos Limited in Merseyside how the fund is supporting businesses that are working hard to fuel our recovery and help us build a stronger economy.

“I would encourage any businesses that can generate significant private sector investment and sustainable jobs to bid for a share of the £200 million available from the fund.”

Round six will be open to private sector bidders seeking £1 million or more. The Government is calling on companies to plan high quality projects that will generate significant private sector investment and sustainable jobs.

Businesses will be able to submit their bids until noon on 30 September 2014.

Tratos Limited, a UK cable manufacturing business, used their RGF grant of £2.96 million to expand and create and safeguard jobs for more than 100 people in Knowsley. The company is investing in a new manufacturing plant to produce medium voltage cables, extending the portfolio of products manufactured by the company in the UK.

Dr Maurizio Bragagni, CEO of Tratos Ltd, said “Being awarded this substantial sum of money from the RGF provides us with the means to modernise further and expand our operations, helping to secure Tratos’ future here.”

Glen Dimplex Home Appliances, based in Prescot, Merseyside, was awarded a £3 million RGF grant in the latest round of RGF funding. The company, a consumer electrical goods firm, will use the grant to expand production on Merseyside, creating hundreds of new jobs, boosting the local economy and delivering millions in private investment in the process.

Patterson and Rothwell Ltd in Oldham used their £1.7 million RGF funding to invest in a plastic injection press technology, which will help the company target overseas markets and expand their investment in R&D facilities. The company, which was founded in 1981 and has now been able to consolidate activities on a single site in Royton, aims to create or safeguard 88 jobs in manufacturing and engineering.

To help bidders on their applications, road shows and expression of interest days will be held throughout the country from today to provide advice on how to make a successful bid. On July 23 an event will be held at Manchester Town Hall.

The Business Secretary, Vince Cable, said:“The Regional Growth Fund is a fundamental part of our efforts to boost manufacturing and rebalance the economy, helping to create new jobs in the North West. Round six is now open for applications and I urge businesses to see how it can help them to increase their workforce or expand to new markets.”

Business Minister Michael Fallon said: “Through the Regional Growth Fund, we are investing £460 million in the North West, which will help growing businesses create long-term, highly skilled jobs.”

This was posted in Bdaily's Members' News section by Simon Malia .