New jobs created thanks to funding support

POINT group is creating new jobs following a successful bid to the Growing the Humber Regional Growth Fund (RGF).

The RGF support equates to £172,000, or about 17% of the engineering company’s £1m-plus investment in new and extended premises and specialist equipment. It is also helping the Hull-based business create 14 new jobs.

The Point Group project, which started last December, is expected to be completed this September, extending premises at the company’s Lee Smith Street site and head office and converting new premises on Haller Street. 

The latest project will add more than 1,800m sq, taking its Hull manufacturing, yard, storage and office space investment to 10,000sq m across three sites, including West Carr Lane. Employee numbers are expected to rise from 70 currently to 84 by 2017.

Jonathan Rollison, financial director, said: “This is another significant event in the history of our business which will secure and create further, predominantly skilled, jobs for people in Hull, add new equipment, boost capability and improve our productivity.

“We are delighted that the Humber LEP approved our application and was subsequently accepted by North East Lincolnshire Council who facilitate the release of the funding.

“The reality is that we see the potential for improvement and future stability for the business through growth. We have a good track record of steady growth through the recession leading to our confidence in the prospects for the business and the region.”

Following the conversion programme, new high-tech equipment will be installed to serve Point’s marine and flood door production facilities and also provide steel fabrication services to existing customers and new customers investing in the region. Much of this will be at Haller Street, including for hot and cold steel cutting and forming.

Operationally, a new department will improve existing product manufacturing and serve new markets and customers.

Rollison was also upbeat about the opportunities the RGF, and other funding, has for small and medium-sized businesses in the region.

“There is potential among local SMEs for growth through funding if they can unlock it. It is well worth it and any SME with a good product or service that can obtain the backing of a bank must also be able to apply the same to funding – but don’t be afraid to ask someone else who may know more for help,” he said.
 
The company continues to look at other ways to use funding resources locally including Green Port Hull Growth, for up-skilling and continual professional development of its engineers.

Rollison added: “I believe we must make every effort to retain the skills that the business has and engage with our people – the last thing we need is Siemens causing an employment vacuum for local business.”

The remainder of the £1m-plus investment is to come from Point’s own capital reinvestment, borrowing from HSBC and the equipment manufacturer.