24 April, 2008 – Impressive End-of-Year Results Leads to Another Record Breaking Year for MIDAS
MIDAS, Manchester's Inward Investment Agency, who have recently agreed a new 3-year funding deal with the Northwest Regional Development Agency (NWDA), directly assisted in the creation of 3,110 new jobs across Greater Manchester during 2007/08, again exceeding its targets for job creation and foreign direct investment (FDI).
Amongst the impressive list of companies who have invested within the last 12 months are Sainsbury’s – who invested £12 million with support from the North West Industrial Board, to establish its first Human Resources function outside of their London head office – as well as Arista Insurance and international banking firms Handelsbanken and Macquarie.
In an increasingly competitive marketplace, MIDAS also plays a key role in safeguarding jobs across the city region, ensuring that 1,532 jobs were retained in the last financial year alone with organisations such as French-owned Swinton Insurance, Opal Telecom and IBM.
MIDAS reports that the increase of 79% in the number of FDI jobs created and safeguarded in 2007/08 is in large part due to their recently expanded investor development programme with foreign owned companies across Greater Manchester.
The redevelopment of the MIDAS website, www.investinmanchester.com, and the continuing success of the free online property database search facility, in partnership with Estates Gazette Property Link, has delivered an improved product available to potential investors and been a factor in these impressive figures.
Colin Sinclair, MIDAS Chief Executive said: “MIDAS has exceeded its inward investment targets again, reflecting the continuing hard work that the MIDAS team and our Manchester family partners have put into improving both national and international business perceptions of the City Region.
“We’ve had another good year in the financial services sector – where we can now justifiably claim to be the largest centre outside of London – and also within the creative industries where new media and digital are particularly strong with anticipation growing around the BBC relocation to mediacity:uk”.
MIDAS continues to work closely with Manchester Airport, Marketing Manchester and the NWDA to develop the Air Services Development Fund, a sector-focused destination marketing campaign in key geographic areas that include the US West Coast and India. The partners are working together to achieve their three year objectives of attracting direct routes and increasing the volume of inbound business passengers, resulting in increased inward investment in the city region.
On a more cautious note, Mr Sinclair said: “We expect the next 12 months to be tougher than ever as the impact of the recent financial turmoil hits the investment market. However, Manchester has already shown its quality and resilience with the recent Bank of New York Mellon expansion and London, Europe and North America remain our primary target markets. We are also working with the Northwest Regional Development Agency (NWDA) to increase investment from India, Japan and China”.
Michael Oglesby, MIDAS Chairman said: “These excellent results are testament to the hard work of the MIDAS team, the support of our ten local authority partners and the Northwest Regional Development Agency, and the relationships we continue to develop with key partner organisations such as Manchester Enterprises, Marketing Manchester, Manchester: Knowledge Capital, and pro.manchester”.
Steven Broomhead, Chief Executive of the NWDA, said: “MIDAS plays a vital role in attracting international investment projects to Greater Manchester in the context of fierce global competition, and its contribution to the continued success of the Northwest economy should not be overlooked”.