MIDAS bucks the recession to exceed job targets in end of year results - MIDAS

MIDAS bucks the recession to exceed job targets in end of year results

23 April, 2009

MIDAS, Manchester’s Inward Investment Agency, directly assisted in the creation of more than 3,100 jobs across Greater Manchester during 2008/09, despite the deepening global recession.

Chaired by Bruntwood’s Michael Oglesby and with board members including senior figures from BT, Tesco, The Co-operative Bank and KPMG, MIDAS once again exceeded its target of bringing in 3,000 new jobs, critical to the sustainable growth of Manchester City Region.

The impressive list of companies which have invested within the past 12 months included the Bank of New York Mellon, a MIDAS relocation success story from 2005, which expanded its operation in Manchester to create a further 500 new posts, law firm Shoosmiths, which has opened a new office in Manchester and expansions from Lockton and Swinton Insurance which together will create more than 200 new jobs. These investments have helped underpin Manchester’s status as the UK’s leading financial and professional services centre outside of London.

MIDAS is continuing to negotiate global locational decision making with a number of leading financial firms based on the strong evidence of the Bank of New York’s successful designation of Manchester as a European Growth Centre.

Leading US business process outsourcing company, Teletech, chose to expand its Manchester operation by 250 new jobs and MIDAS has continued to be successful in attracting public sector investment with the UK Borders Agency creating 250 new jobs and National Institute for Clinical Excellence (NICE) expanding its presence and generating 140 new posts.

Sociedad Anónima Industrias Celulosa Aragonesa (SAICA), the Spanish-owned packaging firm, announced the opening of a £250m recycled paper mill in Trafford creating 200 new jobs and MIDAS, in partnership with the NWDA and Stockport MBC, was also instrumental in NIKE Umbro maintaining and expanding its presence in Stockport protecting and creating more almost 300 jobs.

MIDAS worked closely with global provider of professional technical services, Jacobs Engineering, to help safeguard 800 jobs in Sale and Cheadle Royal and supported Premier Foods, the UK’s largest food producers in establishing a shared service operation in Manchester with the creation of 240 new jobs.

In the creative, digital and media sector, MIDAS continues to support the relocation of the BBC to MediaCity:UK and has helped Red Vision, a leading player in computer generated imagery to expand in New East Manchester, safeguarding 50 existing  posts and generating 40 new jobs.

Colin Sinclair, Chief Executive of MIDAS said: “Amidst a backdrop of global economic turmoil, once again MIDAS has exceeded its inward investment targets, reflecting the tenacity and determination of the MIDAS team and our Manchester family partners in attracting and growing investment in Manchester.

“Against all the odds, it has been an impressive year in which MIDAS built on previous success, retained a significant number of jobs vital to the continued success of the city region and attracted new investment from established firms, foreign-owned companies and relocating businesses.

“We expect the next 12 months to be tougher than ever as the impact of the financial turmoil works through the investment markets. However, Manchester has already shown its quality and resilience and London, Europe, North America the UAE, India, China and Japan remain our primary target markets.

“Our strategy of account managing over 500 foreign-owned companies across Greater Manchester, supported by the NWDA and our ten local authority stakeholders, is clearly paying dividends both in terms of job retention and expansion projects. We are increasing that figure to 600 in 2009/10 while now formally providing aftercare and free advice and support to UK-owned firms already investing in Greater Manchester.

Michael Oglesby, MIDAS Chairman, said: “These excellent results are testament to the hard work and sales focus 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 Marketing Manchester, Manchester: Knowledge Capital, pro.Manchester and the Commission for the New Economy (formally Manchester Enterprises)”.

Results Table
Jobs Created Target (UK & FDI)
Jobs Created (UK-owned & Foreign Direct Investment)
Total FDI* Jobs (Created & Safeguarded)
*FDI (Foreign Direct Investment) figures are reported to the NWDA and form part of the Northwest’s figures for UKTI.

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