Seven companies to share £23m from Regional Growth Fund

SEVEN North West companies, including Merseyside-based cooker manufacturer Glen Dimplex Home Appliances, have been awarded a total of £23m from the fifth round of the Regional Growth Fund.

Deputy Prime Minister Nick Clegg will be visiting Prescot-based Glen Dimplex today, which is receiving £3m from the RGF, to hear more about its growth and job creation plans.

In total the fifth round of RGF will invest £300m in 50 projects across the country.

Regionally, the Government believes the £23m investment in the seven projects will help unlock £140m of private investment and create and safeguard thousands of jobs.

Announcing the successful bids, Mr Clegg said: ““The North West has seen major benefits from the Regional Growth fund already, and the £23m 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.”

Mr Clegg is also visiting electrical cable manufacturer Tratos to talk to staff about how the RGF Round 4 investment of nearly £3m is being used to expand the business and create and safeguard about 100 jobs.

The other successful North West bidders are:
Absynth Biologics, a university spin-out company backed by the North West Fund, which is moving to Alderley Park in Cheshire;
GT Energy UK , a geothermal energy specialist based in Manchester;
Nice-Pak International, a Wigan-based manufacturer of wet wipes;
North West Logistics, a transport company based at Altham near Accrington;
Liverpool-based Redx Pharma, a bio-medical research firm and
Unilever UK Central Resources.

Commenting on his company’s third award from the fund, Redx chief executive Dr Neil Murray said:  “We’re delighted to receive confirmation of this funding award. Our business has grown steadily and made great progress in a very short time and that wouldn’t have been possible without the RGF.”

Redx is understood to be preparing to launch a new subsidiary in the metabolic diseases sector later this year.

A total of 50 companies and programmes will receive cash in the latest round of the RGF. Of the £300m, £119m of investment will go to supporting 37 companies, while £182m 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.