Ministers see first-hand how the government is bringing about investment at 2 projects that will boost growth and jobs.
Stephen Williams, Minister for Communities, has today (16 October 2014) visited Fianium Limited to see progress first-hand of the company’s £7.6 million expansion project at its site in Hamble, Southampton.
Fianium Limited – which develops and manufactures ultrafast lasers – was awarded £1.125 million through the government’s Regional Growth Fund (RGF). The investment is enabling the business to bring 100 new jobs to Southampton.
The minister today toured the company to see how the cash from the RGF is helping to boost jobs and growth across the region by expanding their research and development into industrial lasers.
Mr Williams said:
The government’s Regional Growth Fund is helping to create thousands of jobs that last, stimulate private sector investment and rebalance the economy.
I am thrilled to see that the people of Southampton are to benefit. Companies like Fianium Limited and the people who work there are helping us to build a stronger economy and a fairer society for this generation and the next.
Through the RGF, companies commit to creating jobs and investing in their regional economy in return for government funding.
So far £170 million of RGF money has been invested in businesses across the south east, helping to create 42,000 new jobs as companies have committed to investing an additional £1.1 billion. Across the country the RGF has funded private sector projects which will create 573,000 jobs, attracting £16 billion of investment from business and industry.
The latest round of bids – round 6 – guarantees at least a further £200 million of funding nationwide that will create thousands of jobs and further fuel our recovery. This round has seen 174 bids across the country totalling over £800 million – with 13 bids totalling £44 million in the south east.
Penny Mordaunt, Local Growth Minister, has today visited Wedgwood to see progress on the company’s £34.3 million redevelopment of its Stoke-on-Trent manufacturing base and visitor centre. Construction started in April 2014 and there are currently over 100 tradesmen on site.
The project was made possible thanks to a £5.1 million RGF grant which has allowed Wedgwood to safeguard 440 jobs and create 102 new ones in Stoke, with over 40 new jobs already in place as the project moves towards its planned completion in Spring 2015.
Wedgwood Waterford Royal Doulton - a leading provider of luxury home and lifestyle products worldwide - received the award to support the project to develop a new ceramic manufacturing facility with increased capacity to meet strong demand for “Made in England” product, new office facilities for a growing workforce and an exciting new “World of Wedgwood” visitor experience that will attract significantly more visitors to both Wedgwood and the Potteries. The scheme is set to provide a significant boost to the region.
The Minister today toured the company to see how the cash from the RGF is helping to boost jobs and growth across the region.
Penny Mordaunt said:
I am thrilled to see that the people of Stoke are to benefit. Companies like Wedgwood and the craftsmen that work here are helping us to build a stronger economy and a fairer society for this generation and the next.
Ministers are visiting companies around the country today following a meeting of the Local Growth Committee in Stockport chaired by the Deputy Prime Minister Nick Clegg.
The government’s Regional Growth Fund is a £3.2 billion fund designed to help companies in England to grow. So far £2.9 billion has been allocated to support projects and programmes committed to deliver sustainable jobs and economic growth.
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