Firms encouraged to bid for share of £350 million fund

Photo: Gareth Walker

Business Minister Michael Fallon with Don Whittle, HR Director of Holroyd Precision Ltd

Local firms are being encouraged to bid for funding to create new jobs after a Rochdale company received £2.8 million from the government’s Regional Growth Fund.

Rochdale manufacturing firm Holroyd Precision has been allocated £2.8 million from the Regional Growth Fund to support the development of a new factory and a research and development European innovation centre, securing 187 existing jobs and creating 137 new positions. 

A total of £382 million has been awarded to businesses across the North West since the fund was set up in 2011, and £350 million is being made available nationwide from today (17 January 2013) in the latest round of funding.

The Regional Growth Fund has already helped 180 projects get started, creating and safeguarding local jobs and attracting significant private sector investment.

Don Whittle, HR Director at Holroyd Precision, said: “We are extremely pleased to have been awarded this £2.8 million from the Regional Growth Fund. This has enabled us to make further investments in additional staff, research and development projects, as well as securing the future of Holroyd Precision for many more years to come.” 

Business Minister Michael Fallon added: “The Regional Growth Fund is playing a pivotal role in supporting business and enterprise. Jobs are being created, money is being invested and the fund is making a difference. This additional round and the improved processes we have put in place will help keep the momentum going.

“I want more companies to come forward and apply to Round 4 or look out for similar opportunities through their local enterprise partnership.”

Round 4 of the Regional Growth Fund will close to applications on 20 March at noon and bids will be appraised as quickly as possible. Potential applicants should look out for expressions of interest events in their region for support and further help with the application process. The first of these will be in Manchester on 31 January 2013 and is open to any organisation interested in bidding. 

Selected bidders from Round 3 are currently agreeing terms and conditions for their final offers from the accelerated timetable which was announced in October 2012. This process and deadlines will be matched in Round 4 and all offers will be confirmed within six months.