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Three companies in Merseyside are to benefit from a £23 million investment in the region, announced by the Deputy Prime Minister today.

The government’s Regional Growth Fund will invest £300 million in 50 projects across the country to create thousands of jobs and fuel business expansion. Glen Dimplex Home Appliances Ltd in Prescot, Redx Pharma Ltd in Liverpool, and Unilever UK Central Resources Ltd in Port Sunlight are among those benefitting from the funding.

A total of £23 million has been given to seven projects in the North West in Round 5 of the Regional Growth Fund (RGF). This is expected to raise £140 million of private investment and create and safeguard thousands of jobs.

When added to the success of the first four rounds, this represents a total of £420 million of RGF funding for 79 North West projects. This has raised £2.3 billion of private sector investment and will create tens of thousands of jobs in the long-term.

Glen Dimplex is planning to significantly increase its manufacturing commitment in Merseyside for brands such as Stoves, Belling and New World, and develop medical refrigeration appliances. The project is expected to create up to 300 jobs.

Redx Pharma will create a new pharmaceutical research and development centre for metabolic disease alongside its existing facilities for cancer and infection creating 107 new highly-qualified jobs. The project will focus on new therapies in areas of high need in an ageing and increasingly overweight population, such as cardiovascular disease, inflammation and diabetes.

Unilever will use the funding to grow its product design capabilities in Port Sunlight, working closely with the University of Liverpool, University of Manchester and Sci-Tech Daresbury.

The Deputy Prime Minister said:

“The North West has seen major benefits from the Regional Growth fund already, and the £23 million investment I am announcing today is the latest important part in making sure the recovery is sustainable and balanced across the country.

“We’re seeing very encouraging signs that the British economy is on the road to recovery. Home-grown and British-based businesses are leading that charge for a stronger economy. The Regional Growth Fund gives businesses a helping hand from Government to fuel business expansion and create sustainable employment.

“I pay tribute to the ambitious companies who are using the Regional Growth Fund to create jobs locally, helping to build a stronger economy and doing it fairly.”

The Deputy Prime Minister will be in Merseyside where he will visit two companies who have been awarded funding from the RGF:

At cooker manufacturer Glen Dimplex he will talk to staff about how the company will use their £3 million Round 5 RGF investment to expand their business, creating hundreds of jobs and boost the local economy.

He will also visit electrical cable manufacturer Tratos to talk to staff about how their RGF Round 4 investment of nearly £3 million is being used to expand the business and create and safeguard about 100 jobs for local people.

A total of 50 companies and programmes will receive cash in the latest round of the Regional Growth Fund (RGF), a government project to create sustainable employment and rebalance the economy.

The companies will take a share of £300 million in funding through Round 5 of the RGF, which will secure six times that amount in private sector investment and create or safeguard thousands of jobs across England.

Of the £300 million, £119 million of investment will help to rebalance the economy by supporting 37 companies from a range of industrial sectors and £182 million has been awarded to a  further 13 RGF intermediary programmes, both regional and national to support small businesses and promote growth.

Round 6 of the Regional Growth Fund will open for applications in the summer.
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