MSIF dusts down Toxteth riot fund
MONEY left over from a 34-year-old fund designed to encourage enterprise in Liverpool following the 1981 Toxteth riots is being used to support apprenticeships.
Business in Liverpool, which was funded by donations from businesses such as Boots and Barclays, was set up as part of Michael Heseltine’s task force for the city.
But it ceased trading in the late 1990s with some cash reserves which have since grown to £57,000.
Now one of the founders, Malcolm Jones, is looking to use the money to support manufacturing companies that want to take on apprentices. It is being handled through his current employer, the Merseyside Special Investment Fund, where he is an investment manager.
The fund will provide £3,000 per apprentice paid over two years – £750 after three months, a further £750 after 13 months and the remainder upon completion of the apprenticeship. The money will support 20 applicants.
Mr Jones said: “Business in Liverpool currently has £57,000 in the bank which is left over from when the company ceased to trade in the late 90s. Myself and the other directors of the company – chairman Roger James, formerly a board director of United Biscuits, and Liz Hudson formerly of John West Foods – decided that now is the right time to do something with the money.
“We all felt that the manufacturing industry has been neglected and that there is a lack of skilled workers coming through. We decided to use the money to help fund skilled apprenticeships within the manufacturing industry.”
He added: “Whilst we are not providing a large amount, it is designed to encourage firms that are looking to take on a apprentice for the first time.”
The Manufacturing Advisory Service (MAS) and the National Apprenticeship Service (NAS) are working with MSIF to find businesses.
Mark Sutherberry from MAS said: “The feedback we have is that there is a real lack of qualified skilled workers in the Merseyside area. If we don’t have skilled workers here manufacturing facilities will be moved abroad which is extremely worrying.”
