MSIF hungry for deals after RGF boost
BOSSES at the Merseyside Special Investment Fund (MSIF) believe the award of RGF funds will significantly increase the amount of investments it makes in businesses across the North West.
MSIF has received cash from the Regional Growth Fund as part of a £50.4m pot which is the final round of funding before the General Election in May.
MSIF chief operating officer Lisa Greenhalgh said: “We have been looking to raise further funds so that we can strengthen our offering and provide funding to more businesses and we are delighted to be successful in this latest bid.
“Having been investing in Merseyside and the North West for two decades, we have built up a solid reputation as a fund manager.
“MSIF not only has an impressive track record of successfully investing in businesses to fund growth and create jobs but also generate returns on investment to build up further funding for the future.
“It is important for investors, whether public or private, to see that the money is being invested by organisations who have the knowledge and experience to make sound investments.”
MSIF has invested more than £154m in more than 1,800 businesses which has created safeguarded around 14,500 jobs and brought in above £289m private sector investment to the region.
Since RGF was launched in 2010 by Deputy Prime Minister Nick Clegg, some £430m has now been invested in 89 projects across this region, which the government says has created or safeguarded around 117,000 jobs and attracted £2.5bn of further investment from the private sector.
Meanwhile, Rochdale coil spring manufacturer Hanson Springs is celebrating after scooping £1.4m from the RGF in a move which will create 36 new jobs andcement its global reputation.
The family firm, which supplies springs to oil refineries, offshore and onshore rigs, pipelines and power stations across the world, has been in business in Rochdale for more than 50 years.
The company already employs more than 200 people andbut plans to use the £1.4m to help fund a 30,000 sq ft expansion at its Gorrells Way site
Hanson Springs will also invest in new machinery to help it produce bigger springs, meaning it will eventually be able to produce the world’s largest springs. Currently only a handful of companies in the world produce larger springs than those produced by Hanson Springs.The total cost of the proposed expansion and new machinery will be around £7.2m.
John Hanson, Director of Hanson Springs, said: “We have a fantastic manufacturing and engineering base here, which we have really been able to make good use of. We have found Rochdale a great place to do business.”
