Over 5,500 jobs will be created and safeguarded in the Northwest under Government plans announced by the Deputy Prime Minister to invest £450 million in businesses across England.
The first round of the Regional Growth Fund (RGF) will see an expanded amount of public investment support 50 bids by companies and partnerships who demonstrated how they would create jobs and a high level of private sector-led sustainable economic growth in their local communities over the coming years.
Regional projects to receive support include the development of the former eye hospital in Manchester into a biomedical centre of excellence, which will receive match funding through the European Regional Development Fund as well.
Rochdale’s Holroyd Precision Ltd will also see the development of a new factory, R&D laboratory and HQ office facility.
The Government expects over 27,000 jobs to be directly created and safeguarded, with close to a further 100,000 jobs in associated supply chains and local economies.
The second round of the fund opens to bids on Tuesday April 12. This round will aim to allocate the remainder of the fund, nearly £1 billion.
The £450 million being invested by the Government through the first round of the RGF is expected to leverage more than £2.5 billion of private sector investment.
Northwest projects to receive support are:
Ames Goldsmith UK Ltd
Bentley Motors Ltd
Bruntwood Limited / Manchester City Council
Holroyd Precision Ltd and sister companies
Pilkington UK Limited
The Stobart Group and ProLogis (with Halton Borough as the administrator)
The RGF is a £1.4 billion fund which is designed to encourage enterprise, growth and jobs in the private sector and support areas and communities that are dependent on the public sector.
Deputy Prime Minister Nick Clegg said: “I am delighted to announce the first successful bids for the Regional Growth Fund. I was bowled over by the quality of the bids. This money will now help create and safeguard jobs in some of the communities worst hit by the economic downturn.
“Today is a step towards rebalancing our economy away from an unhealthy overreliance on a small number of industries and a few areas. We need to spread opportunity across the whole country, drawing on our many talents. I know that with the right support these businesses can work with their communities and together play their part in leading the country back into prosperity.”
Business Secretary Vince Cable said: “Supporting job creation in the regions is vital if we are to drive growth in our local communities.
“We have received a large number of ambitious and highly competitive bids to this first round of the Regional Growth Fund, which will help a number of businesses across the country to expand and create thousands of new jobs.
Source: Department for Business, Innovation & Skills