Nick Clegg, the Deputy Prime Minister is today announcing investment from the government’s Regional Growth Fund (RGF) in West Yorkshire.
Bed manufacturing company Harrison Spinks is being awarded more than £2 million from the Fund to help create 138 jobs and safeguard 40 jobs in Leeds. This will be matched with £4.5 million from the private sector. They will use the money to further develop an innovative recyclable spring technology to replace foam products in their beds.
Normanton-based company Really Useful Products has successfully secured £1 million of Regional Growth Fund investment to help create 175 jobs. The storage box company will use the investment to install new machinery and expand their factory which will allow them to increase the manufacture of plastic products and grow their business. It has also secured nearly £6 million of private investment.
The cash comes from the Regional Growth Fund, which sees government and the private sector work together to grow the economy in a balanced way across all regions and a range of industries.
The Deputy Prime Minister will visit both businesses to meet workers and see where the cash from the Regional Growth Fund will be invested to boost jobs and growth across the region.
Deputy Prime Minister Nick Clegg said:
Britain is on the road to recovery, and it’s because of businesses like this who are working hard and helping us build a stronger economy.
Investment allows these ambitious companies, in Yorkshire and across the country, to grow and create more jobs. It boosts the local economy, and helps fuel Britain’s economy.
I am delighted that hundreds of new jobs will be created thanks to the Regional Growth Fund.
I want 2014 to be another great year for growth in Yorkshire. And the eyes of the world will be on us as the Grand Départ of the Tour de France takes place here, bringing millions of pounds of investment to help the region thrive.
Really Useful Products Finance Director Neil Ashton said:
We are really pleased to have been successful in our bid to the Regional Growth Fund and this investment has already been used to create 24 new jobs in manufacturing, distribution and sales.
The money will also help us expand our family-owned business and create 175 new jobs in the area over 7 years.
Without the grant we would not have the funding or confidence to make such a large investment.
About the Regional Growth Fund
£310 million has been awarded to 49 businesses in Yorkshire and the Humber since 2010; this will help to create £1.6 billion worth of private sector investment and thousands of jobs.
The Regional Growth Fund helps businesses to grow and stimulates private investment - creating and safeguarding thousands of vital jobs across the country. For every pound of government money, the private sector puts in £5.50.
On 11 July, ministers announced the 102 projects and programmes selected for support in RGF Round 4, with a deadline for formal offers of 17 January, 2014. These beneficiaries will share £506 million of RGF support and will invest £2.8 billion private money to create 77,000 jobs.
The RGF is a flexible and competitive £3.2 billion fund operating across England from 2011 to 2017. Through this fund, we will be investing £2.6 billion in 400 projects and programmes across England in the first four rounds of funding. Round 5 has now closed with 133 bids from projects totalling £650 million.
Round 6 will open in summer 2014 and we want to encourage any businesses that can generate significant private sector investment and sustainable jobs to bid for a share of this cash.
Successful bids to the Regional Growth Fund in Yorkshire
Wind Innovation Programme
The National Renewable Energy Centre’s (Narec) successful second round RGF Wind Innovation Programme bid of more than £5 million is helping to sustain the UK’s leading position in the offshore wind sector by bringing together offshore market leaders with world-class technology providers and academia in the UK to develop and commercialise new technologies. Romax Technology is 1 of 6 research and development projects to be awarded financial support from the RGF Wind Innovation Programme.
300 new jobs are being created at this Leeds based company thanks to an RGF investment of more than £5 million. The investment is being used to design and manufacture creative solutions for minimally invasive surgery and develop a state of the art research and development facility and a clinical training centre.
VTL Precision in Huddersfield successfully bid for RGF investment in Round 2 and Round 3 to help boost jobs and create the next generation gearbox components.
The Haribo factory in Castleford received a £6.4 million RGF investment in Round 1.