Vince Cable
Main Page: Vince Cable (Liberal Democrat - Twickenham)
The Secretary of State for Business, Innovation and Skills (Vince Cable)
The Government announced in April the outcome of the first round of the regional growth fund and at the same time launched round 2, bidding for which closed on 1 July.
I am pleased to announce today the outcome of that second round. Round 2 proved to be equally popular as round 1, attracting 492 bids for a total of £3.3 billion. The independent advisory panel, chaired by Lord Heseltine considered all these bids over the summer and made their recommendations to Ministers. Given the high number and quality of bids received, Ministers were only able to approve the very best bids that offered the greatest value for money and I am pleased to announce the outcome of this process today.
In total, the Government have made conditional allocations in this round, subject to due diligence, of the remaining £950 million. There are 119 successful bids announced today. Discussions are ongoing with a further 10 bidders about their projects. More importantly, the public investment in these projects and programmes is expected to generate nearly £6 billion of private sector funding. Overall these investments will directly support the creation or safeguarding more than 37,000 jobs. In addition, over a further 164,000 jobs in related supply chains and local economies will be created and safeguarded by the success of these projects and programme.
These conditional allocations of Government investment are supporting dynamic and innovative projects and programmes that will generate new jobs the length and breadth of England. In round 1, the RGF elicited a 5:1 ratio of private sector investment. In round 2 this has increased to 6:1. The increased proportion of private sector leverage in this round is a clear demonstration of how the challenge of the regional growth fund has acted as a catalyst for the private sector to invest in sustainable and balanced growth.
The successful bids will now be subject to a due diligence process, as with round 1 bids. These due diligence checks establish whether the Government are confident that the organisations awarded conditional offers are able to deliver on the proposals in their bid. A list of the successful bids is attached to this statement, a copy of which has been placed in the Libraries of both Houses and is also available from the BIS website at: www.bis.gov.uk.
The Government remain wholly committed to our agenda of generating growth and I am pleased that today’s announcement takes us further towards our goal of delivering a stable, well-balanced economy that creates sustainable private sector jobs and strengthens communities.
Successful bids list from Round 2
Note—Although 119 bids have been successful the list below includes beneficiaries who were part of a package bid (a bid with two or more beneficiaries). Furthermore, a small number of bids have not been included in the list due to, for example, commercial sensitivities. Details on these bids will be made available after due diligence.
East Midlands and South East Midlands: 1,400 direct jobs, 7,800 indirect jobs.
Druck Limited
University of Leicester
JC Bamford Excavators Ltd
Derby City
Usha Martin UK Limited
Federal-Mogul Friction Products Limited
Disley Tissue Ltd
North East: 8,500 direct jobs, 17,000 indirect jobs.
Process Technologies Division of Johnson Matthey PLC
Tioxide Europe Limited
Fine Industries Limited
Wellstream International Ltd
Cummins
Eutechnyx Limited
AKS Precision Ball Europe Limited
Darchem Engineering Limited
Kromek Limited
Dyer Engineering
Raisco Limited
Hiatco Ltd
Bignall Lubritec Ltd
BLS Electronics Ltd
Permoid
Carlton & Co
Tinsley Special Products Limited
Vantec Europe Limited
Able UK Limited
PD Teesport Limited
Zegen (Wilton) Limited
TeraVerdae BioWorks Ltd
Northern Pinetree Trust
Northeast of England Process Industry Cluster Limited (NEPIC)
Rettig UK
Aesica Pharmaceuticals Limited
Piramal Healthcare UK Ltd
Shasun Pharma Solutions Ltd
Precision Hydraulic Cylinders (UK) Ltd
International Pipeline Products Limited
Greencroft Bottling Company Limited
Propeller (GB) Ltd
Jarrow Brewery
Omega North East Ltd
Hydram Engineering Ltd
HE Woolley Ltd. (The Company)
John Harrison (Stockton) Limited
Pearson-Harper Ltd
Mediaworks UK LTD
Responsive Engineering Group Limited
Newcastle University
Gateshead College
Riverside Flooring LTD
Calsonic Kansei Sunderland Limited
Unipres (UK) Limited
ThyssenKrupp Tallent Limited
Heerema Hartlepool Limited
TRW Systems Ltd—Peterlee
Narec Development Services Limited (NDSL)
North West: 7,800 direct jobs, 39,500 indirect jobs.
University of Liverpool
Harpscreen(GB) Ltd
Pirelli Tyres Ltd
Phoenix Court Blackburn Limited
Gilbert Gilkes and Gordon Limited (“Gilkes”)
Crown Speciality Packaging UK Ltd
Redx Pharma Ltd
Double R Controls Limited
C&C Baseline Ltd
Standish Engineering Ltd
Ronfell
Double R Controls Ltd
North West Aerospace Alliance
Sefton Council
Eldonians Group Limited,
Energy Coast West Cumbria Ltd
The Listen Media Company LTD
The Greater Manchester LEP
Siemens plc
Diodes Zetex Semiconductors Ltd
Ferguson Polycom Limited
Salford City Council
Tameside Metropolitan Borough Council (“TMBC”)
Economic Solutions Ltd
Pochin Developments Limited
Keepmoat Homes Ltd
Regenerate Pennine Lancashire Limited
Lucite International UK Ltd
Bentley Motors
DI UK
HMG Paints Ltd
Burnley BC
Pilkington United Kingdom Limited
Getrag Ford Transmissions
South East: 7,400 direct jobs, 22,300 indirect jobs.
Portsmouth Naval Base Property Trust
Solent Local Enterprise Partnership
Southampton City Council
The East Kent districts of Canterbury, Dover, Shepway and Thanet
Vestas Technology UK Ltd,
Luton Borough Council
Lotus Cars Ltd
South West: 5,300 direct jobs, 17,600 indirect jobs
Universal Engineering
Mulberry Company (design) Ltd
DTR VMS Ltd
Airbus Operations Ltd
Geothermal Engineering Ltd
The Cornwall and the Isles of Scilly LEP
City of Bristol College
North Somerset Council
West Midlands: 3,900 direct jobs, 29,800 indirect jobs.
LNX Distribution Limited
Zytek Automotive Ltd
Aeromet International Plc
Alamo Manufacturing Services (UK) Limited
Herefordshire Council
Moorland & City Railways Ltd.
Sunsolar Energy Limited
Birmingham Post
Caparo Precision Strip
Angle Ring Holdings Limited
Thomas Dudley Limited
NDC Polythenes Ltd
Pargat & Co Limited
Stoke-on-Trent Regeneration Ltd
Hinckley & Bosworth Borough Council
Advanced Engineering Supply Chain
Steelite International plc
Ceram Research Ltd
Trac Group Limited
Yorkshire & Humber: 3,000 direct jobs, 13,700 indirect jobs.
SEW Eurodrive UK
Cummins Turbo Technologies
Surgical Innovations Ltd
BOC Ltd
East Riding of Yorkshire Council
University of Sheffield—AMRC
Sirius Minerals, Plc
Leeds City Region
North Lincolnshire Council
Wakefield Council
City of Bradford MDC
Sheffield Forgemasters International Limited
Stainless Plating Limited
T&N Plastics Limited
600 UK Ltd
RoadTankers Northern Ltd
Heights Ltd
Hindle
VTL (Europe) Ltd
i-plas Products Ltd
Halifax Rack and Screw Cutting Co Ltd
Treves UK LTD
Severn Unival Ltd
Other bids—national: 200 direct jobs, 16,500 indirect jobs
Fredericks Foundation
VisitEngland
Creative England
Santander UK plc