Investing in Business Hat-trick supports business growth
Economic development organisation, Britain’s Energy Coast (BEC) has awarded grants of almost £100,000 through the latest funding round of the Investing in Business programme to help unlock £280,000 of private sector investment.
The latest businesses to benefit include Cumbria Metals to secure business premises at its site at Flimby, Ecopower Group Ltd, based near Wigton, and Birkett Fencing, Rowrah, who have both been awarded grants to help them develop new products.
The Investing in Business programme targets businesses involved in manufacturing, processing, engineering or fabrication activities, as well as tourism attractions, looking to create jobs by investing in fixed assets such as buildings, plant and equipment or for research and development. It utilises £5.6m of funding from the Government’s Regional Growth Fund and a further £1m from the Nuclear Decommissioning Authority (NDA).
David Jones, Head of Projects, Energy Business Support at Britain’s Energy Coast, said, “From metal recycling, engine tuning and the production of new sustainable bamboo bog mats – the Investing in Business programme continues to help a wide variety of businesses, which make West Cumbria’s economic tapestry so exciting, to grow and prosper. This latest round will help unlock a further £2 worth of investment for every £1 we put in, safeguarding and creating at least 11 jobs. Interest in the scheme continues to grow, and with a number of projects in the pipeline, I’d encourage anyone considering investing in their company to get in touch to see if they could be eligible for our support.”
The award of £55,000 to Cumbria Metals, who collect and process scrap metals for recycling, forms part of a wider £176,500 investment by the company to secure its future at its site in Flimby. The money will be used to purchase the building it is has been renting on a short-term lease, which was due to expire without the option to renew.
Trevor Brough, Managing Director of Cumbria Metals Ltd, said: “Without the funding from BEC’s Investing in Business programme to acquire the building we have been using at Flimby, our business was at genuine risk, with the expense and difficulty associated with finding an
alternative site. With the ownership of the building secured, we can now focus on growing our business, building upon our existing contracts which currently include Sellafield, Cumbria Waste Management Group and Egertons Recovery Ltd.”
Wigton based Ecopower Group develops software to tune vehicle engines to optimise power and fuel efficiency. It has secured a £20,000 funding award towards the £54,000 needed to develop new tooling and software for the latest engines in the leading tractor brands.
Nick Heyes, Managing Director of Ecopower Group, said “The funding will help us to capitalise on growth in the tractor market by purchasing equipment that will give us a competitive edge. The investment will help us to double our workforce to four and lay the foundations for future growth. We’re delighted with the support we received, not just in terms of the grant, but throughout the application process and with the overall finance package assisted by BEC’s partner Access to Finance.”
Finally, Birkett Fencing, based at Rowrah have been awarded £16,450 towards a £47,000 investment to develop a range of sustainable bamboo bog mats, which are used mainly on construction sites as a site road, or access, for vehicles and plant machinery.
Juanita Watts, Managing Director of Birkett Fencing, said “The investment will allow us to test and develop new bog mats made from sustainably grown bamboo, in place of the traditional hardwood variants. This will give us a leading edge over the competition and create an additional two part-time jobs, with more anticipated, as sales develop across both the UK and Europe. This funding from BEC is invaluable and is in addition to the support we have, and continue to receive through the organisation’s business support services.”
John Clarke, Chief Executive of the Nuclear Decommissioning Authority and a member of the BEC Board, said “It is fantastic to see the continued benefit companies are receiving from the NDA’s support of the Investing in Business programme, in particular those using the programme to assist with RD into new sustainable products that will help to build a more prosperous West Cumbria.”
Michael Fallon, Business and Energy Minister, said “The Regional Growth Fund is specifically aimed at helping companies create jobs across the country and programmes like ‘Investing in Business’ are vital to make sure our smallest businesses benefit from the Fund. So Britain’s Energy Coast support for Cumbria Metals, Ecopower Group and Birkett Fencing is exactly the sort of assistance we want to give to create long term, sustainable growth.”
Businesses of any size, including start-ups, currently operating in Allerdale or Copeland or looking to invest in the area are eligible to apply for grants through the Investing in Business programme. Grants from tens to hundreds of thousands of pounds are available to contribute towards investments in fixed assets such as land, buildings, plant and equipment or for research and development. The programme is targeted at those involved in manufacturing, processing, engineering or fabrication activities, and tourism attractions.
The deadline for the next round of approvals is September 30, 2013. Full criteria for applicants along with an expression of interest form are available to download from www.britainsenergycoast.co.uk/investing-business or alternatively contact Iain Hook on 01946 595285 or iain.hook@britainsenergycoast.co.uk to make an informal enquiry.
